Document and Entity Information
Document and Entity Information - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Nov. 12, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | METROPOLITAN LIFE INSURANCE CO | |
Entity Central Index Key | 937,834 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 494,466,664 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Investments: | ||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $167,394 and $173,604, respectively; includes $136 and $160, respectively, relating to variable interest entities) | $ 177,441 | $ 188,911 |
Equity securities available-for-sale, at estimated fair value (cost: $2,030 and $1,926, respectively) | 2,005 | 2,065 |
Trading and fair value option securities, at estimated fair value (includes $696 and $654, respectively, of actively traded securities; and $14 and $15, respectively, relating to variable interest entities) | 725 | 705 |
Mortgage loans (net of valuation allowances of $256 and $258, respectively; includes $315 and $308, respectively, under the fair value option) | 51,238 | 49,059 |
Policy loans | 8,523 | 8,491 |
Real estate and real estate joint ventures (includes $0 and $8, respectively, relating to variable interest entities; includes $767 and $78, respectively, of real estate held-for-sale) | 7,284 | 7,874 |
Other limited partnership interests (includes $27 and $34, respectively, relating to variable interest entities) | 4,666 | 4,926 |
Short-term investments, principally at estimated fair value | 8,135 | 4,474 |
Other invested assets (includes $43 and $56, respectively, relating to variable interest entities) | 16,980 | 14,209 |
Total investments | 276,997 | 280,714 |
Cash and cash equivalents, principally at estimated fair value (includes $0 and $2, respectively, relating to variable interest entities) | 3,077 | 1,993 |
Accrued investment income (includes $2 and $3, respectively, relating to variable interest entities) | 2,300 | 2,293 |
Premiums, reinsurance and other receivables (includes $2 and $2, respectively, relating to variable interest entities) | 25,496 | 23,439 |
Deferred policy acquisition costs and value of business acquired | 5,969 | 5,975 |
Current income tax recoverable | 226 | 0 |
Other assets (includes $5 and $4, respectively, relating to variable interest entities) | 4,633 | 4,469 |
Separate account assets | 136,354 | 139,335 |
Total assets | 455,052 | 458,218 |
Liabilities | ||
Future policy benefits | 118,099 | 117,402 |
Policyholder account balances | 93,813 | 95,902 |
Other policy-related balances | 7,513 | 5,840 |
Policyholder dividends payable | 644 | 615 |
Policyholder dividend obligation | 2,309 | 3,155 |
Payables for collateral under securities loaned and other transactions | 22,360 | 24,167 |
Short-term debt | 100 | 100 |
Long-term debt (includes $76 and $91, respectively, at estimated fair value, relating to variable interest entities) | 1,881 | 2,027 |
Current income tax payable | 0 | 44 |
Deferred income tax liability | 3,595 | 3,835 |
Other liabilities (includes $4 and $17, respectively, relating to variable interest entities) | 35,730 | 33,447 |
Separate account liabilities | 136,354 | 139,335 |
Total liabilities | $ 422,398 | $ 425,869 |
Contingencies, Commitments and Guarantees (Note 12) | ||
Metropolitan Life Insurance Company stockholder’s equity: | ||
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 494,466,664 shares issued and outstanding | $ 5 | $ 5 |
Additional paid-in capital | 14,453 | 14,448 |
Retained earnings | 13,997 | 12,470 |
Accumulated other comprehensive income (loss) | 3,816 | 5,034 |
Total Metropolitan Life Insurance Company stockholder’s equity | 32,271 | 31,957 |
Noncontrolling interests | 383 | 392 |
Total equity | 32,654 | 32,349 |
Total liabilities and equity | $ 455,052 | $ 458,218 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Amortized cost of fixed maturity securities available-for-sale | $ 167,394 | $ 173,604 |
Fixed maturity securities relating to variable interest entities | 177,441 | 188,911 |
Cost of equity securities available-for-sale | 2,030 | 1,926 |
Actively traded securities | 696 | 654 |
Trading and fair value option securities relating to variable interest entities | 725 | 705 |
Mortgage loans valuation allowances | 256 | 258 |
Mortgage loans under fair value option | 51,238 | 49,059 |
Real estate and real estate joint ventures relating to variable interest entities | 7,284 | 7,874 |
Real estate held-for-sale | 767 | 78 |
Other limited partnership interests relating to variable interest entities | 4,666 | 4,926 |
Other invested assets relating to variable interest entities | 16,980 | 14,209 |
Cash and cash equivalents relating to variable interest entities | 3,077 | 1,993 |
Accrued investment income relating to variable interest entities | 2,300 | 2,293 |
Premiums, reinsurance and other receivables relating to variable interest entities | 25,496 | 23,439 |
Other assets relating to variable interest entities | 4,633 | 4,469 |
Liabilities | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 1,881 | 2,027 |
Other liabilities relating to variable interest entities | $ 35,730 | $ 33,447 |
Metropolitan Life Insurance Company stockholder’s equity: | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 494,466,664 | 494,466,664 |
Common stock, shares outstanding | 494,466,664 | 494,466,664 |
Residential mortgage loans — FVO | ||
Assets | ||
Mortgage loans under fair value option | $ 315 | $ 308 |
Variable interest entities | ||
Assets | ||
Fixed maturity securities relating to variable interest entities | 136 | 160 |
Trading and fair value option securities relating to variable interest entities | 14 | 15 |
Real estate and real estate joint ventures relating to variable interest entities | 0 | 8 |
Other limited partnership interests relating to variable interest entities | 27 | 34 |
Other invested assets relating to variable interest entities | 43 | 56 |
Cash and cash equivalents relating to variable interest entities | 0 | 2 |
Accrued investment income relating to variable interest entities | 2 | 3 |
Premiums, reinsurance and other receivables relating to variable interest entities | 2 | 2 |
Other assets relating to variable interest entities | 5 | 4 |
Liabilities | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 76 | 91 |
Other liabilities relating to variable interest entities | $ 4 | $ 17 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues | ||||
Premiums | $ 6,260 | $ 5,087 | $ 16,463 | $ 15,415 |
Universal life and investment-type product policy fees | 642 | 623 | 1,925 | 1,806 |
Net investment income | 2,797 | 2,990 | 8,822 | 8,931 |
Other revenues | 383 | 440 | 1,166 | 1,303 |
Net investment gains (losses): | ||||
Other-than-temporary impairments on fixed maturity securities | (18) | (3) | (24) | (15) |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | 8 | (8) | (3) | (9) |
Other net investment gains (losses) | 142 | 174 | 291 | 98 |
Total net investment gains (losses) | 132 | 163 | 264 | 74 |
Net derivative gains (losses) | 558 | 554 | 827 | 617 |
Total revenues | 10,772 | 9,857 | 29,467 | 28,146 |
Expenses | ||||
Policyholder benefits and claims | 6,897 | 5,697 | 18,395 | 17,315 |
Interest credited to policyholder account balances | 547 | 536 | 1,628 | 1,610 |
Policyholder dividends | 332 | 320 | 940 | 919 |
Other expenses | 1,861 | 1,464 | 4,789 | 4,272 |
Total expenses | 9,637 | 8,017 | 25,752 | 24,116 |
Income (loss) from continuing operations before provision for income tax | 1,135 | 1,840 | 3,715 | 4,030 |
Provision for income tax expense (benefit) | 867 | 537 | 1,589 | 1,150 |
Income (loss) from continuing operations, net of income tax | 268 | 1,303 | 2,126 | 2,880 |
Income (loss) from discontinued operations, net of income tax | 0 | 0 | 0 | (3) |
Net income (loss) | 268 | 1,303 | 2,126 | 2,877 |
Less: Net income (loss) attributable to noncontrolling interests | (8) | (7) | (1) | (6) |
Net income (loss) attributable to Metropolitan Life Insurance Company | 276 | 1,310 | 2,127 | 2,883 |
Comprehensive income (loss) | 936 | 911 | 908 | 5,795 |
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax | (8) | (7) | (1) | (6) |
Comprehensive income (loss) attributable to Metropolitan Life Insurance Company | $ 944 | $ 918 | $ 909 | $ 5,801 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Metropolitan Life Insurance Company Stockholder’s Equity | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2013 | $ 26,280 | $ 5 | $ 14,515 | $ 9,352 | $ 2,158 | $ 26,030 | $ 250 |
Capital contributions from MetLife, Inc. | 3 | 3 | 3 | ||||
Returns of capital | (76) | (76) | (76) | ||||
Excess tax benefits related to stock-based compensation | 4 | 4 | 4 | ||||
Dividend paid to MetLife, Inc. | (558) | (558) | (558) | ||||
Change in equity of noncontrolling interests | 111 | 0 | 111 | ||||
Net income (loss) | 2,877 | 2,883 | 2,883 | (6) | |||
Other comprehensive income (loss), net of income tax | 2,918 | 2,918 | 2,918 | ||||
Ending Balance at Sep. 30, 2014 | 31,559 | 5 | 14,446 | 11,677 | 5,076 | 31,204 | 355 |
Beginning Balance at Dec. 31, 2014 | 32,349 | 5 | 14,448 | 12,470 | 5,034 | 31,957 | 392 |
Capital contributions from MetLife, Inc. | 3 | 3 | 3 | ||||
Returns of capital | 0 | 0 | 0 | ||||
Excess tax benefits related to stock-based compensation | 2 | 2 | 2 | ||||
Dividend paid to MetLife, Inc. | (600) | (600) | (600) | ||||
Change in equity of noncontrolling interests | (8) | 0 | (8) | ||||
Net income (loss) | 2,126 | 2,127 | 2,127 | (1) | |||
Other comprehensive income (loss), net of income tax | (1,218) | (1,218) | (1,218) | ||||
Ending Balance at Sep. 30, 2015 | $ 32,654 | $ 5 | $ 14,453 | $ 13,997 | $ 3,816 | $ 32,271 | $ 383 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by (used in) operating activities | $ 3,128 | $ 4,502 |
Cash flows from investing activities | ||
Sales, maturities and repayments of fixed maturity securities | 61,813 | 45,276 |
Sales, maturities and repayments of equity securities | 273 | 176 |
Sales, maturities and repayments of mortgage loans | 8,554 | 8,427 |
Sales, maturities and repayments of real estate and real estate joint ventures | 1,295 | 542 |
Sales, maturities and repayments of other limited partnership interests | 558 | 257 |
Purchases of fixed maturity securities | (53,554) | (51,259) |
Purchases of equity securities | (323) | (140) |
Purchases of mortgage loans | (11,082) | (10,044) |
Purchases of real estate and real estate joint ventures | (559) | (1,164) |
Purchases of other limited partnership interests | (474) | (598) |
Cash received in connection with freestanding derivatives | 932 | 440 |
Cash paid in connection with freestanding derivatives | (589) | (697) |
Purchases of loans to affiliates | 0 | (437) |
Net change in policy loans | (32) | (75) |
Net change in short-term investments | (3,664) | 1,289 |
Net change in other invested assets | (193) | (107) |
Net change in property, equipment and leasehold improvements | (149) | (104) |
Other, net | 0 | 18 |
Net cash provided by (used in) investing activities | 2,806 | (8,200) |
Cash flows from financing activities | ||
Policyholder account balances: Deposits | 45,992 | 48,457 |
Policyholder account balances: Withdrawals | (48,144) | (44,549) |
Net change in payables for collateral under securities loaned and other transactions | (1,807) | 2,001 |
Net change in short-term debt | 0 | (320) |
Long-term debt issued | 14 | 0 |
Long-term debt repaid | (156) | (245) |
Dividends paid to MetLife, Inc. | (600) | (558) |
Other, net | (149) | (332) |
Net cash provided by (used in) financing activities | (4,850) | 4,454 |
Change in cash and cash equivalents | 1,084 | 756 |
Cash and cash equivalents, beginning of period | 1,993 | 1,098 |
Cash and cash equivalents, end of period | 3,077 | 1,854 |
Supplemental disclosures of cash flow information: | ||
Net cash paid for Interest | 77 | 95 |
Net cash paid (received) for Income tax | 1,139 | 623 |
Non-cash transactions: | ||
Capital contributions from MetLife, Inc. | 3 | 3 |
Fixed maturity securities received in connection with pension closeout transactions | 903 | 0 |
Reduction of redeemable noncontrolling interests | 0 | 774 |
Reduction of long-term debt | 0 | 413 |
Reduction of real estate and real estate joint ventures | 0 | 1,132 |
Issuance of short-term debt | 0 | 245 |
Returns of capital | $ 0 | $ 76 |
Business, Basis of Presentation
Business, Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business, Basis of Presentation and Summary of Significant Accounting Policies | 1. Business, Basis of Presentation and Summary of Significant Accounting Policies Business Metropolitan Life Insurance Company and its subsidiaries (collectively, “MLIC” or the “Company”) is a provider of life insurance, annuities, employee benefits and asset management and is organized into three segments: Retail; Group, Voluntary & Worksite Benefits; and Corporate Benefit Funding. Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc. (MetLife, Inc., together with its subsidiaries and affiliates, “MetLife”). Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported in the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from estimates. The accompanying interim condensed consolidated financial statements include the accounts of Metropolitan Life Insurance Company and its subsidiaries, as well as partnerships and joint ventures in which the Company has control, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated. The Company uses the equity method of accounting for equity securities when it has significant influence or at least 20% interest and for real estate joint ventures and other limited partnership interests (“investees”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations, but does not have a controlling financial interest. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. The Company uses the cost method of accounting for investments in which it has virtually no influence over the investee’s operations. Certain amounts in the prior year periods’ interim condensed consolidated financial statements and related footnotes thereto have been reclassified to conform with the 2015 presentation as discussed throughout the Notes to the Interim Condensed Consolidated Financial Statements. Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity. The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2014 consolidated balance sheet data was derived from audited consolidated financial statements included in Metropolitan Life Insurance Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2014 Annual Report. Adoption of New Accounting Pronouncements Effective January 1, 2015, the Company adopted guidance requiring repurchase-to-maturity transactions and repurchase financing arrangements to be accounted for as secured borrowings and providing for enhanced disclosures, including the nature of collateral pledged and the time to maturity. Certain interim period disclosures for securities lending transactions were not required until the second quarter of 2015. The Company has provided these enhanced disclosures in Note 5 . The adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements. Future Adoption of New Accounting Pronouncements In May 2015, the Financial Accounting Standards Board (“FASB”) issued new guidance on short-duration insurance contracts (Accounting Standards Update (“ASU”) 2015-09, Financial Services - Insurance (Topic 944): Disclosures about Short-Duration Contracts ). The amendments in this new guidance are effective for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016. The new guidance should be applied retrospectively by providing comparative disclosures for each period presented, except for those requirements that apply only to the current period. The new guidance requires insurance entities to provide users of financial statements with more transparent information about initial claim estimates and subsequent adjustments to these estimates, including information on: (i) reconciling from the claim development table to the balance sheet liability, (ii) methodologies and judgments in estimating claims, and (iii) the timing, and frequency of claims. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In May 2015, the FASB issued new guidance on fair value measurement (ASU 2015‑07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)), effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years and which should be applied retrospectively to all periods presented. Earlier application is permitted. The new amendments in this ASU remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value (“NAV”) per share practical expedient. In addition, the amendments remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In April 2015, the FASB issued new guidance on accounting for fees paid in a cloud computing arrangement (ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement) , effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption of the new guidance is permitted and an entity can elect to adopt the guidance either: (1) prospectively to all arrangements entered into or materially modified after the effective date; or (2) retrospectively. The new guidance provides that all software licenses included in cloud computing arrangements be accounted for consistent with other licenses of intangible assets. However, if a cloud computing arrangement does not include a software license, the arrangement should be accounted for as a service contract, the accounting for which did not change. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In February 2015, the FASB issued certain amendments to the consolidation analysis to improve consolidation guidance for legal entities (ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ), effective for fiscal years beginning after December 15, 2015 and interim periods within those years and early adoption is permitted. The new standard is intended to improve targeted areas of the consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments in this ASU affect the consolidation evaluation for reporting organizations. In addition, the amendments in this ASU simplify and improve current GAAP by reducing the number of consolidation models. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In May 2014, the FASB issued a comprehensive new revenue recognition standard (ASU 2014-09, Revenue from Contracts with Customers (Topic 606)) , effective for fiscal years beginning after December 15, 2016 and interim periods within those years and should be applied retrospectively. In July 2015, the FASB voted to defer the effective date of this ASU by one year, effective for fiscal years beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The new guidance will supersede nearly all existing revenue recognition guidance under GAAP; however, it will not impact the accounting for insurance contracts, leases, financial instruments and guarantees. For those contracts that are impacted by the new guidance, the guidance will require an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | 2. Segment Information The Company is organized into three segments: Retail; Group, Voluntary & Worksite Benefits; and Corporate Benefit Funding. In addition, the Company reports certain of its results of operations in Corporate & Other. In the first quarter of 2015, the Company implemented certain segment reporting changes related to the measurement of segment operating earnings, which included revising the Company’s capital allocation methodology. These changes were applied retrospectively and did not have an impact on total consolidated operating earnings or net income. Retail The Retail segment offers a broad range of protection products and services and a variety of annuities to individuals and employees of corporations and other institutions, and is organized into two businesses: Life & Other and Annuities. Life & Other insurance products and services include variable life, universal life, term life and whole life products. Additionally, through broker-dealer affiliates, the Company offers a full range of mutual funds and other securities products. Life & Other products and services also include individual disability income products. Annuities includes a variety of variable and fixed annuities which provide for both asset accumulation and asset distribution needs. Group, Voluntary & Worksite Benefits The Group, Voluntary & Worksite Benefits segment offers a broad range of protection products and services to individuals and corporations, as well as other institutions and their respective employees. Group, Voluntary & Worksite Benefits insurance products and services include life, dental, group short- and long-term disability and accidental death and dismemberment coverages. In addition, the Group, Voluntary & Worksite Benefits segment offers long-term care, critical illness and accident & health coverages, as well as prepaid legal plans. Corporate Benefit Funding The Corporate Benefit Funding segment offers a broad range of annuity and investment products, including guaranteed interest products and other stable value products, income annuities and separate account contracts for the investment management of defined benefit and defined contribution plan assets. This segment also includes structured settlements and certain products to fund postretirement benefits and company-, bank- or trust-owned life insurance used to finance non-qualified benefit programs for executives. Corporate & Other Corporate & Other contains the excess capital, as well as enterprise-wide strategic initiative restructuring charges, not allocated to the segments, various start-up businesses (including the investment management business through which the Company offers fee-based investment management services to institutional clients), certain run-off businesses, the Company’s ancillary international operations and interest expense related to the majority of the Company’s outstanding debt, as well as expenses associated with certain legal proceedings and income tax audit issues. In addition, Corporate & Other includes ancillary U.S. direct business, comprised of group and individual products sold through sponsoring organizations, affinity groups and direct to consumer. Additionally, Corporate & Other includes the elimination of intersegment amounts, which generally relate to intersegment loans, which bear interest rates commensurate with related borrowings. Financial Measures and Segment Accounting Policies Operating earnings is the measure of segment profit or loss the Company uses to evaluate segment performance and allocate resources. Consistent with GAAP guidance for segment reporting, operating earnings is the Company’s measure of segment performance and is reported below. Operating earnings should not be viewed as a substitute for income (loss) from continuing operations, net of income tax. The Company believes the presentation of operating earnings as the Company measures it for management purposes enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business. Operating earnings is defined as operating revenues less operating expenses, both net of income tax. Operating revenues excludes net investment gains (losses) and net derivative gains (losses). The following additional adjustments are made to GAAP revenues, in the line items indicated, in calculating operating revenues: • Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to net investment gains (losses) and net derivative gains (losses) and certain variable annuity guaranteed minimum income benefits (“GMIBs”) fees (“GMIB Fees”); and • Net investment income: (i) includes amounts for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment, (ii) includes income from discontinued real estate operations, (iii) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method, and (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP. The following adjustments are made to GAAP expenses, in the line items indicated, in calculating operating expenses: • Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to net investment gains (losses) and net derivative gains (losses), (ii) amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets, (iii) benefits and hedging costs related to GMIBs (“GMIB Costs”), and (iv) market value adjustments associated with surrenders or terminations of contracts (“Market Value Adjustments”); • Interest credited to policyholder account balances includes adjustments for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment; • Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) excludes amounts related to: (i) net investment gains (losses) and net derivative gains (losses), (ii) GMIB Fees and GMIB Costs, and (iii) Market Value Adjustments; • Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and • Other expenses excludes costs related to noncontrolling interests and goodwill impairments. In the first quarter of 2015, the Company implemented certain segment reporting changes related to the measurement of segment operating earnings, which included revising the Company’s capital allocation methodology. Consequently, prior period results for the three months and nine months ended September 30, 2014 were impacted as follows: • Retail’s operating earnings increased (decreased) by $53 million and $116 million , net of ($29) million and ($37) million of income tax expense (benefit), respectively; • Group, Voluntary & Worksite Benefits’ operating earnings increased ( decreased ) by ($5) million and ($14) million , net of ($6) million and ($10) million of income tax expense (benefit), respectively; • Corporate Benefit Funding’s operating earnings increased ( decreased ) by ($16) million and ($45) million , net of ($8) million and ($30) million of income tax expense (benefit), respectively; and • Corporate & Other’s operating earnings increased ( decreased ) by ($32) million and ($57) million , net of $43 million and $77 million of income tax expense (benefit), respectively. Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the three months and nine months ended September 30, 2015 and 2014 . The segment accounting policies are the same as those used to prepare the Company’s consolidated financial statements, except for operating earnings adjustments as defined above. In addition, segment accounting policies include the method of capital allocation described below. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in MetLife’s and the Company’s business. MetLife’s economic capital model, coupled with considerations of local capital requirements, aligns segment allocated equity with emerging standards and consistent risk principles. The model applies statistics-based risk evaluation principles to the material risks to which the Company is exposed. These consistent risk principles include calibrating required economic capital shock factors to a specific confidence level and time horizon while applying an industry standard method for the inclusion of diversification benefits among risk types. MetLife’s management is responsible for the ongoing production and enhancement of the economic capital model and reviews its approach periodically to ensure that it remains consistent with emerging industry practice standards. Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact the Company’s consolidated net investment income, operating earnings or income (loss) from continuing operations, net of income tax. Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolios adjusted for allocated equity. Other costs are allocated to each of the segments based upon: (i) a review of the nature of such costs; (ii) time studies analyzing the amount of employee compensation costs incurred by each segment; and (iii) cost estimates included in the Company’s product pricing. Operating Results Three Months Ended September 30, 2015 Retail Group, Voluntary & Worksite Benefits Corporate Benefit Funding Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 1,007 $ 3,672 $ 1,551 $ 30 $ 6,260 $ — $ 6,260 Universal life and investment-type product policy fees 384 188 45 — 617 25 642 Net investment income 1,319 467 1,193 (73 ) 2,906 (109 ) 2,797 Other revenues 33 110 68 172 383 — 383 Net investment gains (losses) — — — — — 132 132 Net derivative gains (losses) — — — — — 558 558 Total revenues 2,743 4,437 2,857 129 10,166 606 10,772 Expenses Policyholder benefits and claims and policyholder dividends 1,646 3,507 2,073 21 7,247 (18 ) 7,229 Interest credited to policyholder account balances 239 38 268 — 545 2 547 Capitalization of DAC (113 ) (2 ) (1 ) (1 ) (117 ) — (117 ) Amortization of DAC and VOBA 191 7 5 1 204 99 303 Interest expense on debt 1 — 1 29 31 — 31 Other expenses 417 549 109 558 1,633 11 1,644 Total expenses 2,381 4,099 2,455 608 9,543 94 9,637 Provision for income tax expense (benefit) 107 127 140 314 688 179 867 Operating earnings $ 255 $ 211 $ 262 $ (793 ) (65 ) Adjustments to: Total revenues 606 Total expenses (94 ) Provision for income tax (expense) benefit (179 ) Income (loss) from continuing operations, net of income tax $ 268 $ 268 Operating Results Three Months Ended September 30, 2014 Retail Group, Voluntary & Worksite Benefits Corporate Benefit Funding Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 1,010 $ 3,606 $ 438 $ 33 $ 5,087 $ — $ 5,087 Universal life and investment-type product policy fees 377 180 51 — 608 15 623 Net investment income 1,358 455 1,229 66 3,108 (118 ) 2,990 Other revenues 97 101 69 173 440 — 440 Net investment gains (losses) — — — — — 163 163 Net derivative gains (losses) — — — — — 554 554 Total revenues 2,842 4,342 1,787 272 9,243 614 9,857 Expenses Policyholder benefits and claims and policyholder dividends 1,581 3,466 929 23 5,999 18 6,017 Interest credited to policyholder account balances 245 38 250 — 533 3 536 Capitalization of DAC (92 ) (4 ) (10 ) — (106 ) — (106 ) Amortization of DAC and VOBA 78 8 4 — 90 (2 ) 88 Interest expense on debt 1 — 3 34 38 — 38 Other expenses 460 533 131 301 1,425 19 1,444 Total expenses 2,273 4,041 1,307 358 7,979 38 8,017 Provision for income tax expense (benefit) 162 108 168 (103 ) 335 202 537 Operating earnings $ 407 $ 193 $ 312 $ 17 929 Adjustments to: Total revenues 614 Total expenses (38 ) Provision for income tax (expense) benefit (202 ) Income (loss) from continuing operations, net of income tax $ 1,303 $ 1,303 Operating Results Nine Months Ended September 30, 2015 Retail Group, Voluntary & Worksite Benefits Corporate Benefit Funding Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 3,017 $ 11,079 $ 2,281 $ 86 $ 16,463 $ — $ 16,463 Universal life and investment-type product policy fees 1,151 559 140 — 1,850 75 1,925 Net investment income 4,009 1,388 3,723 43 9,163 (341 ) 8,822 Other revenues 118 332 217 499 1,166 — 1,166 Net investment gains (losses) — — — — — 264 264 Net derivative gains (losses) — — — — — 827 827 Total revenues 8,295 13,358 6,361 628 28,642 825 29,467 Expenses Policyholder benefits and claims and policyholder dividends 4,860 10,561 3,837 65 19,323 12 19,335 Interest credited to policyholder account balances 713 113 798 — 1,624 4 1,628 Capitalization of DAC (324 ) (9 ) (11 ) (2 ) (346 ) — (346 ) Amortization of DAC and VOBA 463 23 16 1 503 92 595 Interest expense on debt 3 — 4 88 95 1 96 Other expenses 1,364 1,675 352 1,050 4,441 3 4,444 Total expenses 7,079 12,363 4,996 1,202 25,640 112 25,752 Provision for income tax expense (benefit) 371 370 475 124 1,340 249 1,589 Operating earnings $ 845 $ 625 $ 890 $ (698 ) 1,662 Adjustments to: Total revenues 825 Total expenses (112 ) Provision for income tax (expense) benefit (249 ) Income (loss) from continuing operations, net of income tax $ 2,126 $ 2,126 Operating Results Nine Months Ended September 30, 2014 Retail Group, Voluntary & Worksite Benefits Corporate Benefit Funding Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 2,978 $ 10,863 $ 1,475 $ 99 $ 15,415 $ — $ 15,415 Universal life and investment-type product policy fees 1,092 538 145 — 1,775 31 1,806 Net investment income 4,099 1,341 3,569 269 9,278 (347 ) 8,931 Other revenues 273 310 214 506 1,303 — 1,303 Net investment gains (losses) — — — — — 74 74 Net derivative gains (losses) — — — — — 617 617 Total revenues 8,442 13,052 5,403 874 27,771 375 28,146 Expenses Policyholder benefits and claims and policyholder dividends 4,669 10,494 2,965 61 18,189 45 18,234 Interest credited to policyholder account balances 729 117 755 — 1,601 9 1,610 Capitalization of DAC (272 ) (12 ) (29 ) — (313 ) — (313 ) Amortization of DAC and VOBA 422 19 13 — 454 28 482 Interest expense on debt 3 — 8 102 113 1 114 Other expenses 1,112 1,600 367 891 3,970 19 3,989 Total expenses 6,663 12,218 4,079 1,054 24,014 102 24,116 Provision for income tax expense (benefit) 558 305 459 (269 ) 1,053 97 1,150 Operating earnings $ 1,221 $ 529 $ 865 $ 89 2,704 Adjustments to: Total revenues 375 Total expenses (102 ) Provision for income tax (expense) benefit (97 ) Income (loss) from continuing operations, net of income tax $ 2,880 $ 2,880 The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at: September 30, 2015 December 31, 2014 (In millions) Retail $ 176,960 $ 181,207 Group, Voluntary & Worksite Benefits 44,372 43,718 Corporate Benefit Funding 203,159 203,281 Corporate & Other 30,561 30,012 Total $ 455,052 $ 458,218 |
Insurance
Insurance | 9 Months Ended |
Sep. 30, 2015 | |
Insurance [Abstract] | |
Insurance | 3. Insurance Guarantees As discussed in Notes 1 and 4 of the Notes to the Consolidated Financial Statements included in the 2014 Annual Report, the Company issues variable annuity products with guaranteed minimum benefits. The non-life-contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”) and the portion of certain GMIBs that does not require annuitization are accounted for as embedded derivatives in policyholder account balances and are further discussed in Note 6 . The Company also issues two tier annuity contracts that apply a lower rate on funds deposited if the contractholder elects to surrender the contract for cash (the “lower tier”) and a higher rate if the contractholder elects to annuitize (the “upper tier”). These guarantees include benefits that are payable in the event of death, maturity or at annuitization. Certain other annuity contracts contain guaranteed annuitization benefits that may be above what would be provided by the current account value of the contract. Additionally, the Company issues universal and variable life contracts where the Company contractually guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Based on the type of guarantee, the Company defines net amount at risk as listed below. These amounts include direct business, but exclude offsets from hedging or reinsurance, if any. Variable Annuities In the Event of Death Defined as the death benefit less the total contract account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death. At Annuitization Defined as the amount (if any) that would be required to be added to the total contract account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved. Two Tier and Other Annuities Two tier annuities are defined as the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date. Other annuities are defined as the amount (if any) that would be required to be added to the total contract account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date. Universal and Variable Life Contracts Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date. Information regarding the types of guarantees relating to annuity contracts and universal and variable life contracts was as follows at: September 30, 2015 December 31, 2014 In the Event of Death At Annuitization In the Event of Death At Annuitization (In millions) Annuity Contracts (1) Variable Annuities Total contract account value $ 59,023 $ 27,428 $ 62,810 $ 29,474 Separate account value $ 47,342 $ 26,291 $ 51,077 $ 28,347 Net amount at risk $ 1,951 $ 408 $ 702 $ 244 Average attained age of contractholders 65 years 63 years 65 years 63 years Two Tier and Other Annuities Account value N/A $ 407 N/A $ 456 Net amount at risk N/A $ 145 N/A $ 153 Average attained age of contractholders N/A 56 years N/A 55 years September 30, 2015 December 31, 2014 Secondary Guarantees Paid-Up Guarantees Secondary Guarantees Paid-Up Guarantees (In millions) Universal and Variable Life Contracts (1) Account value (general and separate account) $ 8,043 $ 1,061 $ 8,213 $ 1,091 Net amount at risk $ 76,697 $ 7,784 $ 78,758 $ 8,164 Average attained age of policyholders 55 years 61 years 54 years 60 years __________________ (1) The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive. |
Closed Block
Closed Block | 9 Months Ended |
Sep. 30, 2015 | |
Closed Block Disclosure [Abstract] | |
Closed Block | 4. Closed Block On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving Metropolitan Life Insurance Company’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, Metropolitan Life Insurance Company established a closed block for the benefit of holders of certain individual life insurance policies of Metropolitan Life Insurance Company. Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon cumulative actual and expected earnings within the closed block. Accordingly, the Company’s net income continues to be sensitive to the actual performance of the closed block. Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item. Information regarding the closed block liabilities and assets designated to the closed block was as follow s at : September 30, 2015 December 31, 2014 (In millions) Closed Block Liabilities Future policy benefits $ 41,280 $ 41,667 Other policy-related balances 275 265 Policyholder dividends payable 498 461 Policyholder dividend obligation 2,309 3,155 Current income tax payable 29 1 Other liabilities 474 646 Total closed block liabilities 44,865 46,195 Assets Designated to the Closed Block Investments: Fixed maturity securities available-for-sale, at estimated fair value 27,739 29,199 Equity securities available-for-sale, at estimated fair value 94 91 Mortgage loans 6,122 6,076 Policy loans 4,641 4,646 Real estate and real estate joint ventures 601 666 Other invested assets 1,203 1,065 Total investments 40,400 41,743 Cash and cash equivalents 266 227 Accrued investment income 484 477 Premiums, reinsurance and other receivables 106 67 Deferred income tax assets 286 289 Total assets designated to the closed block 41,542 42,803 Excess of closed block liabilities over assets designated to the closed block 3,323 3,392 Amounts included in accumulated other comprehensive income (loss) (“AOCI”) Unrealized investment gains (losses), net of income tax 1,712 2,291 Unrealized gains (losses) on derivatives, net of income tax 63 28 Allocated to policyholder dividend obligation, net of income tax (1,501 ) (2,051 ) Total amounts included in AOCI 274 268 Maximum future earnings to be recognized from closed block assets and liabilities $ 3,597 $ 3,660 Information regarding the closed block policyholder dividend obligation was as follows: Nine Months Year (In millions) Balance, beginning of period $ 3,155 $ 1,771 Change in unrealized investment and derivative gains (losses) (846 ) 1,384 Balance, end of period $ 2,309 $ 3,155 Information regarding the closed block revenues and expenses was as follows: Three Months Nine Months 2015 2014 2015 2014 (In millions) Revenues Premiums $ 447 $ 461 $ 1,334 $ 1,380 Net investment income 487 516 1,500 1,568 Net investment gains (losses) (9 ) — (8 ) 8 Net derivative gains (losses) 13 17 25 13 Total revenues 938 994 2,851 2,969 Expenses Policyholder benefits and claims 635 620 1,886 1,889 Policyholder dividends 273 255 757 731 Other expenses 36 39 109 118 Total expenses 944 914 2,752 2,738 Revenues, net of expenses before provision for income tax expense (benefit) (6 ) 80 99 231 Provision for income tax expense (benefit) (1 ) 28 36 81 Revenues, net of expenses and provision for income tax expense (benefit) $ (5 ) $ 52 $ 63 $ 150 Metropolitan Life Insurance Company charges the closed block with federal income taxes, state and local premium taxes and other state or local taxes, as well as investment management expenses relating to the closed block as provided in the Plan of Reorganization. Metropolitan Life Insurance Company also charges the closed block for expenses of maintaining the policies included in the closed block. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 5. Investments Fixed Maturity and Equity Securities Available-for-Sale Fixed Maturity and Equity Securities Available-for-Sale by Sector The following table presents the fixed maturity and equity securities available-for-sale (“AFS”) by sector. Redeemable preferred stock is reported within U.S. corporate and foreign corporate fixed maturity securities and non-redeemable preferred stock is reported within equity securities. Included within fixed maturity securities are structured securities including residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”) and commercial mortgage-backed securities (“CMBS”). September 30, 2015 December 31, 2014 Cost or Amortized Cost Gross Unrealized Estimated Fair Value Cost or Amortized Cost Gross Unrealized Estimated Fair Value Gains Temporary Losses OTTI Losses Gains Temporary Losses OTTI Losses (In millions) Fixed maturity securities U.S. corporate $ 58,717 $ 4,471 $ 1,105 $ 7 $ 62,076 $ 59,532 $ 6,246 $ 421 $ — $ 65,357 U.S. Treasury and agency 35,115 4,292 102 — 39,305 34,391 4,698 19 — 39,070 Foreign corporate 27,560 1,212 1,255 — 27,517 28,395 1,934 511 — 29,818 RMBS 24,280 1,247 184 42 25,301 26,893 1,493 157 66 28,163 ABS 6,701 58 118 — 6,641 8,206 102 82 — 8,226 CMBS 6,230 173 52 — 6,351 7,705 241 33 — 7,913 State and political subdivision 5,933 970 21 1 6,881 5,329 1,197 6 — 6,520 Foreign government 2,858 584 73 — 3,369 3,153 761 70 — 3,844 Total fixed maturity securities $ 167,394 $ 13,007 $ 2,910 $ 50 $ 177,441 $ 173,604 $ 16,672 $ 1,299 $ 66 $ 188,911 Equity securities Common stock $ 1,322 $ 48 $ 93 $ — $ 1,277 $ 1,236 $ 142 $ 26 $ — $ 1,352 Non-redeemable preferred stock 708 58 38 — 728 690 53 30 — 713 Total equity securities $ 2,030 $ 106 $ 131 $ — $ 2,005 $ 1,926 $ 195 $ 56 $ — $ 2,065 The Company held non-income producing fixed maturity securities with an estimated fair value of $8 million and $6 million with unrealized gains (losses) of less than ($1) million and $5 million at September 30, 2015 and December 31, 2014 , respectively. Maturities of Fixed Maturity Securities The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at September 30, 2015 : Due in One Year or Less Due After One Year Through Five Years Due After Five Years Through Ten Years Due After Ten Years Structured Securities Total Fixed Maturity Securities (In millions) Amortized cost $ 7,349 $ 35,814 $ 34,434 $ 52,586 $ 37,211 $ 167,394 Estimated fair value $ 7,320 $ 37,201 $ 35,446 $ 59,181 $ 38,293 $ 177,441 Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities not due at a single maturity date have been presented in the year of final contractual maturity. Structured securities (RMBS, ABS and CMBS) are shown separately, as they are not due at a single maturity. Continuous Gross Unrealized Losses for Fixed Maturity and Equity Securities AFS by Sector The following table presents the estimated fair value and gross unrealized losses of fixed maturity and equity securities AFS in an unrealized loss position, aggregated by sector and by length of time that the securities have been in a continuous unrealized loss position. September 30, 2015 December 31, 2014 Less than 12 Months Equal to or Greater than 12 Months Less than 12 Months Equal to or Greater than 12 Months Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions, except number of securities) Fixed maturity securities U.S. corporate $ 14,179 $ 854 $ 2,007 $ 258 $ 8,950 $ 260 $ 2,251 $ 161 U.S. Treasury and agency 1,723 101 254 1 3,933 6 982 13 Foreign corporate 9,290 793 2,443 462 7,052 397 1,165 114 RMBS 3,597 107 1,497 119 3,141 63 1,900 160 ABS 2,768 72 1,396 46 3,147 45 732 37 CMBS 999 25 452 27 772 20 461 13 State and political subdivision 581 18 15 4 26 — 76 6 Foreign government 657 58 86 15 327 32 265 38 Total fixed maturity securities $ 33,794 $ 2,028 $ 8,150 $ 932 $ 27,348 $ 823 $ 7,832 $ 542 Equity securities Common stock $ 261 $ 92 $ 8 $ 1 $ 98 $ 26 $ 1 $ — Non-redeemable preferred stock 66 2 133 36 32 — 139 30 Total equity securities $ 327 $ 94 $ 141 $ 37 $ 130 $ 26 $ 140 $ 30 Total number of securities in an unrealized loss position 3,501 643 1,997 642 Evaluation of AFS Securities for OTTI and Evaluating Temporarily Impaired AFS Securities As described more fully in Notes 1 and 8 of the Notes to the Consolidated Financial Statements included in the 2014 Annual Report, the Company performs a regular evaluation of all investment classes for impairment, including fixed maturity securities and equity securities, in accordance with its impairment policy, in order to evaluate whether such investments are other-than-temporarily impaired. Current Period Evaluation Based on the Company’s current evaluation of its AFS securities in an unrealized loss position in accordance with its impairment policy, and the Company’s current intentions and assessments (as applicable to the type of security) about holding, selling and any requirements to sell these securities, the Company concluded that these securities were not other-than-temporarily impaired at September 30, 2015 . Future other-than-temporary impairment (“OTTI”) will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings, collateral valuation, interest rates and credit spreads. If economic fundamentals deteriorate or if there are adverse changes in the above factors, OTTI may be incurred in upcoming periods. Gross unrealized losses on fixed maturity securities increased $1.6 billion during the nine months ended September 30, 2015 to $3.0 billion . The increase in gross unrealized losses for the nine months ended September 30, 2015 was primarily attributable to widening credit spreads, and to a lesser extent, the impact of weakening foreign currencies on non-functional currency denominated fixed maturity securities. At September 30, 2015 , $190 million of the total $3.0 billion of gross unrealized losses were from 38 fixed maturity securities with an unrealized loss position of 20% or more of amortized cost for six months or greater. Investment Grade Fixed Maturity Securities Of the $190 million of gross unrealized losses on fixed maturity securities with an unrealized loss of 20% or more of amortized cost for six months or greater, $149 million , or 78% , were related to gross unrealized losses on 21 investment grade fixed maturity securities. Unrealized losses on investment grade fixed maturity securities are principally related to widening credit spreads and, with respect to fixed-rate fixed maturity securities, rising interest rates since purchase. Below Investment Grade Fixed Maturity Securities Of the $190 million of gross unrealized losses on fixed maturity securities with an unrealized loss of 20% or more of amortized cost for six months or greater, $41 million , or 22% , were related to gross unrealized losses on 17 below investment grade fixed maturity securities. Unrealized losses on below investment grade fixed maturity securities are principally related to non-agency RMBS (primarily alternative residential mortgage loans) and foreign and U.S. corporate securities (primarily utility industry securities) and are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainties including concerns over valuations of residential real estate supporting non-agency RMBS. Management evaluates non-agency RMBS based on actual and projected cash flows after considering the quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security; and evaluates foreign and U.S. corporate securities based on factors such as expected cash flows and the financial condition and near-term and long-term prospects of the issuers. Equity Securities Gross unrealized losses on equity securities increased $75 million during the nine months ended September 30, 2015 to $131 million . Of the $131 million , $26 million were from six securities with gross unrealized losses of 20% or more of cost for 12 months or greater. Of the $26 million , 62% were from securities rated A or better, and all were from financial services industry investment grade non-redeemable preferred stock securities. Mortgage Loans Mortgage Loans by Portfolio Segment Mortgage loans are summarized as follows at: September 30, 2015 December 31, 2014 Carrying Value % of Total Carrying Value % of Total (In millions) (In millions) Mortgage loans: Commercial $ 31,954 62.4 % $ 32,482 66.2 % Agricultural 11,291 22.0 11,033 22.5 Residential 7,934 15.5 5,494 11.2 Subtotal (1) 51,179 99.9 49,009 99.9 Valuation allowances (256 ) (0.5 ) (258 ) (0.5 ) Subtotal mortgage loans, net 50,923 99.4 48,751 99.4 Residential — fair value option (“FVO”) 315 0.6 308 0.6 Total mortgage loans, net $ 51,238 100.0 % $ 49,059 100.0 % __________________ (1) Purchases of mortgage loans were $821 million and $3.0 billion for the three months and nine months ended September 30, 2015 , respectively. Purchases of mortgage loans were $2.1 billion and $3.5 billion for the three months and nine months ended September 30, 2014 , respectively. Information on commercial, agricultural and residential mortgage loans is presented in the tables below. Information on residential - FVO is presented in Note 7 . The Company elects the FVO for certain residential mortgage loans that are managed on a total return basis. Mortgage Loans, Valuation Allowance and Impaired Loans by Portfolio Segment Mortgage loans by portfolio segment, by method of evaluation of credit loss, impaired mortgage loans including those modified in a troubled debt restructuring, and the related valuation allowances, were as follows at: Evaluated Individually for Credit Losses Evaluated Collectively for Credit Losses Impaired Loans Impaired Loans with a Valuation Allowance Impaired Loans without a Valuation Allowance Unpaid Principal Balance Recorded Investment Valuation Unpaid Principal Balance Recorded Recorded Valuation Carrying (In millions) September 30, 2015 Commercial $ 7 $ 7 $ 7 $ 76 $ 76 $ 31,871 $ 159 $ 76 Agricultural 46 44 3 12 12 11,235 34 53 Residential — — — 118 109 7,825 53 109 Total $ 53 $ 51 $ 10 $ 206 $ 197 $ 50,931 $ 246 $ 238 December 31, 2014 Commercial $ 75 $ 75 $ 24 $ 84 $ 84 $ 32,323 $ 158 $ 135 Agricultural 47 45 2 14 13 10,975 33 56 Residential — — — 40 37 5,457 41 37 Total $ 122 $ 120 $ 26 $ 138 $ 134 $ 48,755 $ 232 $ 228 The average recorded investment for impaired commercial, agricultural and residential mortgage loans was $118 million , $58 million and $96 million , respectively, for the three months ended September 30, 2015 ; and $136 million , $59 million and $72 million , respectively, for the nine months ended September 30, 2015 . The average recorded investment for impaired commercial, agricultural and residential mortgage loans was $249 million , $65 million and $17 million , respectively, for the three months ended September 30, 2014 ; and $333 million , $81 million and $12 million , respectively, for the nine months ended September 30, 2014 . Valuation Allowance Rollforward by Portfolio Segment The changes in the valuation allowance, by portfolio segment, were as follows: Nine Months 2015 2014 Commercial Agricultural Residential Total Commercial Agricultural Residential Total (In millions) Balance, beginning of period $ 182 $ 35 $ 41 $ 258 $ 213 $ 40 $ 19 $ 272 Provision (release) (4 ) 2 26 24 (3 ) (5 ) 25 17 Charge-offs, net of recoveries (12 ) — (14 ) (26 ) (23 ) (1 ) (3 ) (27 ) Balance, end of period $ 166 $ 37 $ 53 $ 256 $ 187 $ 34 $ 41 $ 262 Credit Quality of Commercial Mortgage Loans The credit quality of commercial mortgage loans was as follows at: Recorded Investment Estimated Fair Value % of Total Debt Service Coverage Ratios % of Total > 1.20x 1.00x - 1.20x < 1.00x Total (In millions) (In millions) September 30, 2015 Loan-to-value ratios Less than 65% $ 26,613 $ 838 $ 356 $ 27,807 87.0 % $ 28,956 87.5 % 65% to 75% 3,199 208 53 3,460 10.8 3,465 10.5 76% to 80% 47 — 8 55 0.2 55 0.2 Greater than 80% 188 233 211 632 2.0 599 1.8 Total $ 30,047 $ 1,279 $ 628 $ 31,954 100.0 % $ 33,075 100.0 % December 31, 2014 Loan-to-value ratios Less than 65% $ 26,810 $ 746 $ 761 $ 28,317 87.2 % $ 29,860 87.7 % 65% to 75% 2,783 391 86 3,260 10.0 3,322 9.8 76% to 80% 109 — 8 117 0.4 121 0.3 Greater than 80% 384 256 148 788 2.4 736 2.2 Total $ 30,086 $ 1,393 $ 1,003 $ 32,482 100.0 % $ 34,039 100.0 % Credit Quality of Agricultural Mortgage Loans The credit quality of agricultural mortgage loans was as follows at: September 30, 2015 December 31, 2014 Recorded Investment % of Total Recorded Investment % of Total (In millions) (In millions) Loan-to-value ratios Less than 65% $ 10,695 94.7 % $ 10,462 94.8 % 65% to 75% 506 4.5 469 4.2 76% to 80% 22 0.2 17 0.2 Greater than 80% 68 0.6 85 0.8 Total $ 11,291 100.0 % $ 11,033 100.0 % The estimated fair value of agricultural mortgage loans was $11.7 billion and $11.4 billion at September 30, 2015 and December 31, 2014 , respectively. Credit Quality of Residential Mortgage Loans The credit quality of residential mortgage loans was as follows at: September 30, 2015 December 31, 2014 Recorded Investment % of Total Recorded Investment % of Total (In millions) (In millions) Performance indicators Performing $ 7,700 97.1 % $ 5,345 97.3 % Nonperforming 234 2.9 149 2.7 Total $ 7,934 100.0 % $ 5,494 100.0 % The estimated fair value of residential mortgage loans was $8.1 billion and $5.6 billion at September 30, 2015 and December 31, 2014 , respectively. Past Due and Interest Accrual Status of Mortgage Loans The Company has a high quality, well performing mortgage loan portfolio, with 99% of all mortgage loans classified as performing at both September 30, 2015 and December 31, 2014 . The Company defines delinquency consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans — 60 days and agricultural mortgage loans — 90 days. The past due and accrual status of mortgage loans at recorded investment, prior to valuation allowances, by portfolio segment, were as follows at: Past Due Nonaccrual Status September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 (In millions) Commercial $ — $ — $ 7 $ 75 Agricultural 109 1 46 41 Residential 234 149 234 149 Total $ 343 $ 150 $ 287 $ 265 Mortgage Loans Modified in a Troubled Debt Restructuring For a small portion of the mortgage loan portfolio, classified as troubled debt restructurings, concessions are granted related to borrowers experiencing financial difficulties. Generally, the types of concessions include: reduction of the contractual interest rate, extension of the maturity date at an interest rate lower than current market interest rates, and/or a reduction of accrued interest. The amount, timing and extent of the concession granted is considered in determining any impairment or changes in the specific valuation allowance. During both the three months and nine months ended September 30, 2015 and 2014 , the Company did not have a significant amount of mortgage loans modified in a troubled debt restructuring. Cash Equivalents The carrying value of cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $2.4 billion and $1.0 billion at September 30, 2015 and December 31, 2014 , respectively. Net Unrealized Investment Gains (Losses) Unrealized investment gains (losses) on fixed maturity and equity securities AFS and the effect on DAC, VOBA, deferred sales inducements (“DSI”), future policy benefits and the policyholder dividend obligation, that would result from the realization of the unrealized gains (losses), are included in net unrealized investment gains (losses) in AOCI. The components of net unrealized investment gains (losses), included in AOCI, were as follows: September 30, 2015 December 31, 2014 (In millions) Fixed maturity securities $ 10,052 $ 15,374 Fixed maturity securities with noncredit OTTI losses in AOCI (50 ) (66 ) Total fixed maturity securities 10,002 15,308 Equity securities 26 173 Derivatives 2,058 1,649 Other 113 87 Subtotal 12,199 17,217 Amounts allocated from: Future policy benefits (11 ) (1,964 ) DAC and VOBA related to noncredit OTTI losses recognized in AOCI — (3 ) DAC, VOBA and DSI (661 ) (918 ) Policyholder dividend obligation (2,309 ) (3,155 ) Subtotal (2,981 ) (6,040 ) Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI 15 25 Deferred income tax benefit (expense) (3,226 ) (3,928 ) Net unrealized investment gains (losses) 6,007 7,274 Net unrealized investment gains (losses) attributable to noncontrolling interests (1 ) (1 ) Net unrealized investment gains (losses) attributable to Metropolitan Life Insurance Company $ 6,006 $ 7,273 The changes in fixed maturity securities with noncredit OTTI losses included in AOCI were as follows: Nine Months Year (In millions) Balance, beginning of period $ (66 ) $ (149 ) Noncredit OTTI losses and subsequent changes recognized 3 10 Securities sold with previous noncredit OTTI loss 92 41 Subsequent changes in estimated fair value (79 ) 32 Balance, end of period $ (50 ) $ (66 ) The changes in net unrealized investment gains (losses) were as follows: Nine Months (In millions) Balance, beginning of period $ 7,273 Fixed maturity securities on which noncredit OTTI losses have been recognized 16 Unrealized investment gains (losses) during the period (5,034 ) Unrealized investment gains (losses) relating to: Future policy benefits 1,953 DAC and VOBA related to noncredit OTTI losses recognized in AOCI 3 DAC, VOBA and DSI 257 Policyholder dividend obligation 846 Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI (10 ) Deferred income tax benefit (expense) 702 Net unrealized investment gains (losses) 6,006 Net unrealized investment gains (losses) attributable to noncontrolling interests — Balance, end of period $ 6,006 Change in net unrealized investment gains (losses) $ (1,267 ) Change in net unrealized investment gains (losses) attributable to noncontrolling interests — Change in net unrealized investment gains (losses) attributable to Metropolitan Life Insurance Company $ (1,267 ) Concentrations of Credit Risk There were no investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at both September 30, 2015 and December 31, 2014 . Securities Lending The Company participates in a securities lending program whereby securities are loaned to third parties, primarily brokerage firms and commercial banks. The Company obtains collateral, usually cash, in an amount generally equal to 102% of the estimated fair value of the securities loaned at inception of the loan. Securities loaned under such transactions may be sold or re-pledged by the transferee. The Company monitors the estimated fair value of the securities loaned on a daily basis with additional collateral obtained as necessary throughout the duration of the loan. Elements of the securities lending program are presented below at: September 30, 2015 December 31, 2014 (In millions) Securities on loan: (1) Amortized cost $ 16,147 $ 19,099 Estimated fair value $ 17,741 $ 21,185 Cash collateral on deposit from counterparties (2) $ 18,113 $ 21,635 Security collateral on deposit from counterparties (3) $ 67 $ 19 Reinvestment portfolio — estimated fair value $ 18,283 $ 22,046 __________________ (1) Included within fixed maturity securities and short-term investments. (2) Included within payables for collateral under securities loaned and other transactions. (3) Security collateral on deposit from counterparties may not be sold or re-pledged, unless the counterparty is in default, and is not reflected in the consolidated financial statements. The cash collateral liability by loaned security type and remaining tenor of the agreements were as follows at: September 30, 2015 Remaining Tenor of Securities Lending Agreements Open (1) 1 Month or Less 1 to 6 Months 6 Months to 1 Year Total % of Total (In millions) Cash collateral liability by loaned security type U.S. Treasury and agency $ 6,379 $ 7,524 $ 3,798 $ 280 $ 17,981 99.3 % Agency RMBS — 26 63 — 89 0.5 U.S. corporate 1 42 — — 43 0.2 Foreign corporate — — — — — — Foreign government — — — — — — Total $ 6,380 $ 7,592 $ 3,861 $ 280 $ 18,113 100.0 % December 31, 2014 Remaining Tenor of Securities Lending Agreements Open (1) 1 Month or Less 1 to 6 Months 6 Months to 1 Year Total % of Total (In millions) Cash collateral liability by loaned security type U.S. Treasury and agency $ 7,346 $ 7,401 $ 3,912 $ — $ 18,659 86.2 % Agency RMBS — 387 2,015 — 2,402 11.1 U.S. corporate 109 148 — — 257 1.2 Foreign corporate 152 89 — — 241 1.1 Foreign government 22 54 — — 76 0.4 Total $ 7,629 $ 8,079 $ 5,927 $ — $ 21,635 100.0 % _________________ (1) The related loaned security could be returned to the Company on the next business day which would require the Company to immediately return the cash collateral. If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell securities to meet the return obligation, it may have difficulty selling such collateral that is invested in securities in a timely manner, be forced to sell securities in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both. The estimated fair value of the securities on loan related to the cash collateral on open at September 30, 2015 was $6.2 billion , over 99% of which were U.S. Treasury and agency securities which, if put back to the Company, could be immediately sold to satisfy the cash requirement. The reinvestment portfolio acquired with the cash collateral consisted principally of fixed maturity securities (including U.S. Treasury and agency, agency RMBS, ABS, U.S. and foreign corporate securities) with over 64% invested in agency RMBS, U.S. Treasury and agency securities, short-term investments, or held in cash and cash equivalents. If the securities on loan or the reinvestment portfolio become less liquid, the Company has the liquidity resources of most of its general account available to meet any potential cash demands when securities on loan are put back to the Company. Invested Assets on Deposit and Pledged as Collateral Invested assets on deposit and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value at: September 30, 2015 December 31, 2014 (In millions) Invested assets on deposit (regulatory deposits) $ 1,278 $ 1,421 Invested assets pledged as collateral (1) 20,172 20,712 Total invested assets on deposit and pledged as collateral $ 21,450 $ 22,133 __________________ (1) The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4 of the Notes to the Consolidated Financial Statements included in the 2014 Annual Report) and derivative transactions (see Note 6 ). See “— Securities Lending” for information regarding securities on loan and Note 4 for information regarding investments designated to the closed block. Variable Interest Entities The Company has invested in certain structured transactions (including consolidated securitization entities (“CSEs”)) that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity, an estimate of the entity’s expected losses and expected residual returns and the allocation of such estimates to each party involved in the entity. The Company generally uses a qualitative approach to determine whether it is the primary beneficiary. However, for VIEs that are investment companies or apply measurement principles consistent with those utilized by investment companies, the primary beneficiary is based on a risks and rewards model and is defined as the entity that will absorb a majority of a VIE’s expected losses, receive a majority of a VIE’s expected residual returns if no single entity absorbs a majority of expected losses, or both. The Company reassesses its involvement with VIEs on a quarterly basis. The use of different methodologies, assumptions and inputs in the determination of the primary beneficiary could have a material effect on the amounts presented within the consolidated financial statements. Consolidated VIEs The following table presents the total assets and total liabilities relating to VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at September 30, 2015 and December 31, 2014 . Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment. September 30, 2015 December 31, 2014 Total Assets Total Liabilities Total Assets Total Liabilities (In millions) Fixed maturity securities (1) $ 140 $ 66 $ 163 $ 78 Other invested assets 46 — 59 — Other limited partnership interests 29 — 37 — CSEs (assets (primarily loans) and liabilities (primarily debt)) (2) 14 14 16 15 Real estate joint ventures — — 9 15 Total $ 229 $ 80 $ 284 $ 108 __________________ (1) The Company consolidates certain fixed maturity securities purchased in an investment vehicle which was partially funded with affiliated long-term debt. The long-term debt bears interest primarily at variable rates, payable on a bi-annual basis. Interest expense related to these obligations, included in other expenses, was less than $1 million for both the three months ended September 30, 2015 and 2014, and $1 million for both the nine months ended September 30, 2015 and 2014. (2) The Company consolidates entities that are structured as collateralized debt obligations. The assets of these entities can only be used to settle their respective liabilities, and under no circumstances is the Company liable for any principal or interest shortfalls should any arise. The Company’s exposure was limited to that of its remaining investment in these entities of less than $1 million at estimated fair value at both September 30, 2015 and December 31, 2014 . The long-term debt bears interest primarily at variable rates, payable on a bi-annual basis. Interest expense related to these obligations, included in other expenses, was less than $1 million for both the three months ended September 30, 2015 and 2014 , and $1 million for both the nine months ended September 30, 2015 and 2014 . Unconsolidated VIEs The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at: September 30, 2015 December 31, 2014 Carrying Amount Maximum Exposure to Loss (1) Carrying Amount Maximum Exposure to Loss (1) (In millions) Fixed maturity securities AFS: Structured securities (RMBS, ABS and CMBS) (2) $ 38,293 $ 38,293 $ 44,302 $ 44,302 U.S. and foreign corporate 1,671 1,671 1,919 1,919 Other limited partnership interests 3,374 4,371 3,722 4,833 Other invested assets 1,548 1,962 1,683 2,003 Real estate joint ventures 37 51 52 74 Total $ 44,923 $ 46,348 $ 51,678 $ 53,131 __________________ (1) The maximum exposure to loss relating to fixed maturity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests and real estate joint ventures is equal to the carrying amounts plus any unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties of $188 million and $212 million at September 30, 2015 and December 31, 2014 , respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee. (2) For these variable interests, the Company’s involvement is limited to that of a passive investor in mortgage-backed or ABS issued by trusts that do not have substantial equity. As described in Note 12 , the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs during both the nine months ended September 30, 2015 and 2014 . Net Investment Income The components of net investment income were as follows: Three Months Nine Months 2015 2014 2015 2014 (In millions) Investment income: Fixed maturity securities $ 1,918 $ 2,038 $ 5,992 $ 6,158 Equity securities 21 18 64 63 Trading and FVO securities — Actively Traded and FVO general account securities (1) (39 ) (10 ) (21 ) 25 Mortgage loans 623 631 1,871 1,782 Policy loans 105 112 324 336 Real estate and real estate joint ventures 190 187 599 556 Other limited partnership interests 169 194 485 575 Cash, cash equivalents and short-term investments 5 8 17 20 Operating joint venture — 1 6 — Other 25 22 154 37 Subtotal 3,017 3,201 9,491 9,552 Less: Investment expenses 220 211 670 622 Subtotal, net 2,797 2,990 8,821 8,930 FVO CSEs — interest income: Securities — — 1 1 Subtotal — — 1 1 Net investment income $ 2,797 $ 2,990 $ 8,822 $ 8,931 __________________ (1) Changes in estimated fair value subsequent to purchase for securities still held as of the end of the respective periods included in net investment income were ($39) million and ($47) million for the three months and nine months ended September 30, 2015 , respectively, and ($19) million and ($2) million for the three months and nine months ended September 30, 2014 , respectively. See “— Related Party Investment Transactions” for discussion of affiliated net investment income and investment expenses. Trading and fair value option securities (“FVO securities”) are primarily comprised of securities for which the FVO has been elected. The Company has a trading securities portfolio, principally invested in fixed maturity securities, to support investment strategies that involve the active and frequent purchase and sale of actively traded securities and the execution of short sale agreements. FVO securities include certain fixed maturity and equity securities held-for-investment by the general account to support asset/liability management strategies for certain insurance products and investments in certain separate accounts. FVO securities also include securities held by CSEs. Net Investment Gains (Losses) Components of Net Investment Gains (Losses) The components of net investment gains (losses) were as follows: Three Months Nine Months 2015 2014 2015 2014 (In millions) Total gains (losses) on fixed maturity securities: Total OTTI losses recognized — by sector and industry: U.S. and foreign corporate securities — by industry: Consumer $ (9 ) $ — $ (12 ) $ (6 ) Total U.S. and foreign corporate securities (9 ) — (12 ) (6 ) RMBS — (11 ) (14 ) (18 ) State and political subdivision (1 ) — (1 ) — OTTI losses on fixed maturity securities recognized in earnings (10 ) (11 ) (27 ) (24 ) Fixed maturity securities — net gains (losses) on sales and disposals (65 ) — 50 (97 ) Total gains (losses) on fixed maturity securities (75 ) (11 ) 23 (121 ) Total gains (losses) on equity securities: Total OTTI losses recognized — by sector: Non-redeemable preferred stock — — — (15 ) Common stock (6 ) — (14 ) (4 ) OTTI losses on equity securities recognized in earn |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 6. Derivatives Accounting for Derivatives Freestanding Derivatives Freestanding derivatives are carried on the Company’s balance sheet either as assets within other invested assets or as liabilities within other liabilities at estimated fair value. The Company does not offset the estimated fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement. Accruals on derivatives are generally recorded in accrued investment income or within other liabilities. However, accruals that are not scheduled to settle within one year are included with the derivatives carrying value in other invested assets or other liabilities. If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are reported in net derivative gains (losses) except as follows: Statement of Operations Presentation: Derivative: Policyholder benefits and claims • Economic hedges of variable annuity guarantees included in future policy benefits Net investment income • Economic hedges of equity method investments in joint ventures • All derivatives held in relation to trading portfolios Hedge Accounting To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. Hedge designation and financial statement presentation of changes in estimated fair value of the hedging derivatives are as follows: • Fair value hedge (a hedge of the estimated fair value of a recognized asset or liability) - in net derivative gains (losses), consistent with the change in estimated fair value of the hedged item attributable to the designated risk being hedged. • Cash flow hedge (a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability) - effectiveness in OCI (deferred gains or losses on the derivative are reclassified into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item); ineffectiveness in net derivative gains (losses). The changes in estimated fair values of the hedging derivatives are exclusive of any accruals that are separately reported on the statement of operations within interest income or interest expense to match the location of the hedged item. In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. Assessments of hedge effectiveness and measurements of ineffectiveness are also subject to interpretation and estimation and different interpretations or estimates may have a material effect on the amount reported in net income. The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument. When hedge accounting is discontinued because it is determined that the derivative is not highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized in net derivative gains (losses). The carrying value of the hedged recognized asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in OCI related to discontinued cash flow hedges are released into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item. When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized currently in net derivative gains (losses). Deferred gains and losses of a derivative recorded in OCI pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in net derivative gains (losses). In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value on the balance sheet, with changes in its estimated fair value recognized in the current period as net derivative gains (losses). Embedded Derivatives The Company sells variable annuities and issues certain insurance products and investment contracts and is a party to certain reinsurance agreements that have embedded derivatives. The Company assesses each identified embedded derivative to determine whether it is required to be bifurcated. The embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative if: • the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in earnings; • the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and • a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument. Such embedded derivatives are carried on the balance sheet at estimated fair value with the host contract and changes in their estimated fair value are generally reported in net derivative gains (losses). If the Company is unable to properly identify and measure an embedded derivative for separation from its host contract, the entire contract is carried on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income. Additionally, the Company may elect to carry an entire contract on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income if that contract contains an embedded derivative that requires bifurcation. At inception, the Company attributes to the embedded derivative a portion of the projected future guarantee fees to be collected from the policyholder equal to the present value of projected future guaranteed benefits. Any additional fees represent “excess” fees and are reported in universal life and investment-type product policy fees. See Note 7 for information about the fair value hierarchy for derivatives. Derivative Strategies The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives. Derivatives are financial instruments with values derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”). The types of derivatives the Company uses include swaps, forwards, futures and option contracts. To a lesser extent, the Company uses credit default swaps and structured interest rate swaps to synthetically replicate investment risks and returns which are not readily available in the cash market. Interest Rate Derivatives The Company uses a variety of interest rate derivatives to reduce its exposure to changes in interest rates, including interest rate swaps, caps, floors, swaptions, futures and forwards. Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). In an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts as calculated by reference to an agreed notional amount. The Company utilizes interest rate swaps in fair value, cash flow and non-qualifying hedging relationships. The Company uses structured interest rate swaps to synthetically create investments that are either more expensive to acquire or otherwise unavailable in the cash markets. These transactions are a combination of a derivative and a cash instrument such as a U.S. Treasury, agency, or other fixed maturity security. Structured interest rate swaps are included in interest rate swaps and are not designated as hedging instruments. The Company purchases interest rate caps and floors primarily to protect its floating rate liabilities against rises in interest rates above a specified level, and against interest rate exposure arising from mismatches between assets and liabilities, as well as to protect its minimum rate guarantee liabilities against declines in interest rates below a specified level, respectively. In certain instances, the Company locks in the economic impact of existing purchased caps and floors by entering into offsetting written caps and floors. The Company utilizes interest rate caps and floors in non-qualifying hedging relationships. Swaptions are used by the Company to hedge interest rate risk associated with the Company’s long-term liabilities and invested assets. A swaption is an option to enter into a swap with a forward starting effective date. In certain instances, the Company locks in the economic impact of existing purchased swaptions by entering into offsetting written swaptions. The Company pays a premium for purchased swaptions and receives a premium for written swaptions. The Company utilizes swaptions in non-qualifying hedging relationships. Swaptions are included in interest rate options. The Company enters into interest rate forwards to buy and sell securities. The price is agreed upon at the time of the contract and payment for such a contract is made at a specified future date. The Company utilizes interest rate forwards in cash flow hedging relationships. To a lesser extent, the Company uses exchange-traded interest rate futures in non-qualifying hedging relationships . Foreign Currency Exchange Rate Derivatives The Company uses foreign currency exchange rate derivatives, including foreign currency swaps, foreign currency forwards and exchange-traded currency futures, to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a fixed exchange rate, generally set at inception, calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. The Company utilizes foreign currency swaps in fair value, cash flow and non-qualifying hedging relationships. In a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. The Company utilizes foreign currency forwards in non-qualifying hedging relationships. To a lesser extent, the Company uses exchange-traded currency futures in non-qualifying hedging relationships . Credit Derivatives The Company enters into purchased credit default swaps to hedge against credit-related changes in the value of its investments. In a credit default swap transaction, the Company agrees with another party to pay, at specified intervals, a premium to hedge credit risk. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the delivery of par quantities of the referenced investment equal to the specified swap notional amount in exchange for the payment of cash amounts by the counterparty equal to the par value of the investment surrendered. Credit events vary by type of issuer but typically include bankruptcy, failure to pay debt obligations, repudiation, moratorium, involuntary restructuring or governmental intervention. In each case, payout on a credit default swap is triggered only after the Credit Derivatives Determinations Committee of the International Swaps and Derivatives Association, Inc. (“ISDA”) deems that a credit event has occurred. The Company utilizes credit default swaps in non-qualifying hedging relationships. The Company enters into written credit default swaps to synthetically create credit investments that are either more expensive to acquire or otherwise unavailable in the cash markets. These transactions are a combination of a derivative and one or more cash instruments, such as U.S. Treasury securities, agency securities or other fixed maturity securities. These credit default swaps are not designated as hedging instruments. The Company also enters into certain purchased and written credit default swaps held in relation to trading portfolios for the purpose of generating profits on short-term differences in price. These credit default swaps are not designated as hedging instruments. The Company enters into forwards to lock in the price to be paid for forward purchases of certain securities. The price is agreed upon at the time of the contract and payment for the contract is made at a specified future date. When the primary purpose of entering into these transactions is to hedge against the risk of changes in purchase price due to changes in credit spreads, the Company designates these transactions as credit forwards. The Company utilizes credit forwards in cash flow hedging relationships. Equity Derivatives The Company uses a variety of equity derivatives to reduce its exposure to equity market risk, including equity index options, equity variance swaps, exchange-traded equity futures and total rate of return swaps (“TRRs”). Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. To hedge against adverse changes in equity indices, the Company enters into contracts to sell the equity index within a limited time at a contracted price. The contracts will be net settled in cash based on differentials in the indices at the time of exercise and the strike price. Certain of these contracts may also contain settlement provisions linked to interest rates. In certain instances, the Company may enter into a combination of transactions to hedge adverse changes in equity indices within a pre-determined range through the purchase and sale of options. The Company utilizes equity index options in non-qualifying hedging relationships. Equity variance swaps are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. In an equity variance swap, the Company agrees with another party to exchange amounts in the future, based on changes in equity volatility over a defined period. The Company utilizes equity variance swaps in non-qualifying hedging relationships. In exchange-traded equity futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of equity securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded equity futures are used primarily to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. The Company utilizes exchange-traded equity futures in non-qualifying hedging relationships. TRRs are swaps whereby the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of an asset or a market index and the London Interbank Offered Rate (also, LIBOR), calculated by reference to an agreed notional amount. No cash is exchanged at the outset of the contract. Cash is paid and received over the life of the contract based on the terms of the swap. The Company uses TRRs to hedge its equity market guarantees in certain of its insurance products. TRRs can be used as hedges or to synthetically create investments. The Company utilizes TRRs in non-qualifying hedging relationships. Primary Risks Managed by Derivatives The following table presents the gross notional amount, estimated fair value and primary underlying risk exposure of the Company’s derivatives, excluding embedded derivatives, held at: September 30, 2015 December 31, 2014 Primary Underlying Risk Exposure Gross Notional Amount Estimated Fair Value Gross Notional Amount Estimated Fair Value Assets Liabilities Assets Liabilities (In millions) Derivatives Designated as Hedging Instruments Fair value hedges: Interest rate swaps Interest rate $ 5,481 $ 2,255 $ 16 $ 5,632 $ 2,031 $ 18 Foreign currency swaps Foreign currency exchange rate 3,095 87 230 2,709 65 101 Subtotal 8,576 2,342 246 8,341 2,096 119 Cash flow hedges: Interest rate swaps Interest rate 2,195 471 — 2,191 447 — Interest rate forwards Interest rate 70 17 — 70 18 — Foreign currency swaps Foreign currency exchange rate 17,051 1,003 1,303 14,895 501 614 Subtotal 19,316 1,491 1,303 17,156 966 614 Total qualifying hedges 27,892 3,833 1,549 25,497 3,062 733 Derivatives Not Designated or Not Qualifying as Hedging Instruments Interest rate swaps Interest rate 52,829 2,653 1,408 56,394 2,213 1,072 Interest rate floors Interest rate 17,201 309 32 36,141 319 108 Interest rate caps Interest rate 43,006 46 2 41,227 134 1 Interest rate futures Interest rate 130 — — 70 — — Interest rate options Interest rate 6,910 549 4 6,399 379 15 Synthetic GICs Interest rate 4,223 — — 4,298 — — Foreign currency swaps Foreign currency exchange rate 8,140 488 130 8,774 359 176 Foreign currency forwards Foreign currency exchange rate 3,758 56 32 3,985 92 80 Currency futures Foreign currency exchange rate 1,547 — 1 — — — Credit default swaps — purchased Credit 1,091 27 7 857 8 11 Credit default swaps — written Credit 6,694 32 8 7,419 130 5 Equity futures Equity market 1,274 — 19 954 10 — Equity index options Equity market 7,444 375 326 7,698 328 352 Equity variance swaps Equity market 5,764 62 158 5,678 60 146 TRRs Equity market 959 62 2 911 10 33 Total non-designated or non-qualifying derivatives 160,970 4,659 2,129 180,805 4,042 1,999 Total $ 188,862 $ 8,492 $ 3,678 $ 206,302 $ 7,104 $ 2,732 Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at both September 30, 2015 and December 31, 2014 . The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules; (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship; (iii) derivatives that economically hedge embedded derivatives that do not qualify for hedge accounting because the changes in estimated fair value of the embedded derivatives are already recorded in net income; and (iv) written credit default swaps that are used to synthetically create credit investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these non-qualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged. Net Derivative Gains (Losses) The components of net derivative gains (losses) were as follows: Three Months Nine Months 2015 2014 2015 2014 (In millions) Derivatives and hedging gains (losses) (1) $ 850 $ 296 $ 716 $ 634 Embedded derivatives gains (losses) (292 ) 258 111 (17 ) Total net derivative gains (losses) $ 558 $ 554 $ 827 $ 617 __________________ (1) Includes foreign currency transaction gains (losses) on hedged items in cash flow and non-qualifying hedging relationships, which are not presented elsewhere in this note. The following table presents earned income on derivatives: Three Months Nine Months 2015 2014 2015 2014 (In millions) Qualifying hedges: Net investment income $ 57 $ 45 $ 164 $ 113 Interest credited to policyholder account balances 5 24 22 89 Non-qualifying hedges: Net investment income (1 ) (1 ) (3 ) (3 ) Net derivative gains (losses) 124 121 390 357 Policyholder benefits and claims 1 — 2 — Total $ 186 $ 189 $ 575 $ 556 Non-Qualifying Derivatives and Derivatives for Purposes Other Than Hedging The following table presents the amount and location of gains (losses) recognized in income for derivatives that were not designated or qualifying as hedging instruments: Net Derivative Gains (Losses) Net Investment Income (1) Policyholder Benefits and Claims (2) (In millions) Three Months Ended September 30, 2015 Interest rate derivatives $ 493 $ — $ — Foreign currency exchange rate derivatives 258 — — Credit derivatives — purchased 15 3 — Credit derivatives — written (53 ) (1 ) — Equity derivatives 142 (1 ) 80 Total $ 855 $ 1 $ 80 Three Months Ended September 30, 2014 Interest rate derivatives $ (37 ) $ — $ — Foreign currency exchange rate derivatives 406 — — Credit derivatives — purchased 4 1 — Credit derivatives — written (26 ) — — Equity derivatives — (1 ) — Total $ 347 $ — $ — Nine Months Ended September 30, 2015 Interest rate derivatives $ 74 $ — $ — Foreign currency exchange rate derivatives 488 — — Credit derivatives — purchased 19 3 — Credit derivatives — written (76 ) — — Equity derivatives 58 (7 ) 49 Total $ 563 $ (4 ) $ 49 Nine Months Ended September 30, 2014 Interest rate derivatives $ 14 $ — $ — Foreign currency exchange rate derivatives 297 — — Credit derivatives — purchased (5 ) 1 — Credit derivatives — written (14 ) — — Equity derivatives — (7 ) — Total $ 292 $ (6 ) $ — __________________ (1) Changes in estimated fair value related to economic hedges of equity method investments in joint ventures and derivatives held in relation to trading portfolios. (2) Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits. Fair Value Hedges The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities; and (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities . The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net derivative gains (losses). The following table presents the amount of such net derivative gains (losses): Derivatives in Fair Value Hedging Relationships Hedged Items in Fair Value Hedging Relationships Net Derivative Gains (Losses) Recognized for Derivatives Net Derivative Gains (Losses) Recognized for Hedged Items Ineffectiveness Recognized in Net Derivative Gains (Losses) (In millions) Three Months Ended September 30, 2015 Interest rate swaps: Fixed maturity securities $ (2 ) $ 1 $ (1 ) Policyholder liabilities (1) 277 (279 ) (2 ) Foreign currency swaps: Foreign-denominated fixed maturity securities 5 (3 ) 2 Foreign-denominated policyholder account balances (2) (47 ) 46 (1 ) Total $ 233 $ (235 ) $ (2 ) Three Months Ended September 30, 2014 Interest rate swaps: Fixed maturity securities $ 7 $ (7 ) $ — Policyholder liabilities (1) 39 (40 ) (1 ) Foreign currency swaps: Foreign-denominated fixed maturity securities 12 (11 ) 1 Foreign-denominated policyholder account balances (2) (135 ) 129 (6 ) Total $ (77 ) $ 71 $ (6 ) Nine Months Ended September 30, 2015 Interest rate swaps: Fixed maturity securities $ (2 ) $ 4 $ 2 Policyholder liabilities (1) 115 (121 ) (6 ) Foreign currency swaps: Foreign-denominated fixed maturity securities 12 (6 ) 6 Foreign-denominated policyholder account balances (2) (186 ) 179 (7 ) Total $ (61 ) $ 56 $ (5 ) Nine Months Ended September 30, 2014 Interest rate swaps: Fixed maturity securities $ 6 $ (4 ) $ 2 Policyholder liabilities (1) 370 (360 ) 10 Foreign currency swaps: Foreign-denominated fixed maturity securities 5 (4 ) 1 Foreign-denominated policyholder account balances (2) (161 ) 158 (3 ) Total $ 220 $ (210 ) $ 10 __________________ (1) Fixed rate liabilities reported in policyholder account balances or future policy benefits. (2) Fixed rate or floating rate liabilities. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. Cash Flow Hedges The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities; (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities; (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments; (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments; and (v) interest rate forwards to hedge forecasted fixed-rate borrowings. In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified amounts from AOCI into net derivative gains (losses). For the three months ended September 30, 2015, the amounts reclassified from AOCI into net derivative gains (losses) were not significant. These amounts were $4 million for the nine months ended September 30, 2015 . These amounts were ($11) million and ($15) million for the three months and nine months ended September 30, 2014 , respectively. At both September 30, 2015 and December 31, 2014 , the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed six years . At September 30, 2015 and December 31, 2014 , the balance in AOCI associated with cash flow hedges was $2.1 billion and $1.6 billion , respectively. The following table presents the effects of derivatives in cash flow hedging relationships on the consolidated statements of operations and comprehensive income (loss) and the consolidated statements of equity: Derivatives in Cash Flow Hedging Relationships Amount of Gains (Losses) Deferred in AOCI on Derivatives Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss) Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives (Effective Portion) (Effective Portion) (Ineffective Portion) Net Derivative Gains (Losses) Net Investment Income Net Derivative Gains (Losses) (In millions) Three Months Ended September 30, 2015 Interest rate swaps $ 179 $ 39 $ 2 $ 1 Interest rate forwards 4 — 1 — Foreign currency swaps (91 ) (260 ) — 4 Credit forwards — — 1 — Total $ 92 $ (221 ) $ 4 $ 5 Three Months Ended September 30, 2014 Interest rate swaps $ 80 $ 1 $ 2 $ 5 Interest rate forwards 3 (10 ) 1 — Foreign currency swaps 7 (427 ) — 2 Credit forwards — — — — Total $ 90 $ (436 ) $ 3 $ 7 Nine Months Ended September 30, 2015 Interest rate swaps $ 96 $ 51 $ 8 $ 2 Interest rate forwards (1 ) 3 2 — Foreign currency swaps (158 ) (537 ) (1 ) 5 Credit forwards — 1 1 — Total $ (63 ) $ (482 ) $ 10 $ 7 Nine Months Ended September 30, 2014 Interest rate swaps $ 368 $ 28 $ 6 $ 5 Interest rate forwards 25 (9 ) 2 — Foreign currency swaps 55 (350 ) (1 ) 1 Credit forwards — — — — Total $ 448 $ (331 ) $ 7 $ 6 All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. At September 30, 2015 , ($63) million of deferred net gains (losses) on derivatives in AOCI was expected to be reclassified to earnings within the next 12 months. Credit Derivatives In connection with synthetically created credit investment transactions and credit default swaps held in relation to the trading portfolio, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the non-qualifying derivatives and derivatives for purposes other than hedging table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company’s maximum amount at risk, assuming the value of all referenced credit obligations is zero, was $6.7 billion and $7.4 billion at September 30, 2015 and December 31, 2014 , respectively. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current estimated fair value of the credit default swaps. At September 30, 2015 and December 31, 2014 , the Company would have received $24 million and $125 million , respectively, to terminate all of these contracts. The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at: September 30, 2015 December 31, 2014 Rating Agency Designation of Referenced Credit Obligations (1) Estimated Fair Value of Credit Default Swaps Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) Estimated Fair Value of Credit Default Swaps Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) (In millions) (In millions) Aaa/Aa/A Single name credit default swaps (corporate) $ 2 $ 280 2.1 $ 5 $ 415 2.2 Credit default swaps referencing indices 3 1,356 3.1 10 1,566 2.7 Subtotal 5 1,636 3.0 15 1,981 2.6 Baa Single name credit default swaps (corporate) 7 797 2.7 15 1,002 2.8 Credit default swaps referencing indices 12 3,512 5.0 59 3,687 4.5 Subtotal 19 4,309 4.6 74 4,689 4.1 Ba Single name credit default swaps (corporate) 1 60 2.2 — 60 3.0 Credit default swaps referencing indices (1 ) 100 1.2 (1 ) 100 2.0 Subtotal — 160 1.6 (1 ) 160 2.4 B Single name credit default swaps (corporate) — — — — — — Credit default swaps referencing indices — 589 5.1 37 589 4.9 Subtotal — 589 5.1 37 589 4.9 Total $ 24 $ 6,694 4.2 $ 125 $ 7,419 3.8 __________________ (1) The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 7. Fair Value Considerable judgment is often required in interpreting market data to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. Recurring Fair Value Measurements The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below. September 30, 2015 Fair Value Hierarchy Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Fixed maturity securities: U.S. corporate $ — $ 57,217 $ 4,859 $ 62,076 U.S. Treasury and agency 21,255 18,033 17 39,305 Foreign corporate — 24,071 3,446 27,517 RMBS — 21,521 3,780 25,301 ABS — 5,486 1,155 6,641 CMBS — 6,062 289 6,351 State and political subdivision — 6,847 34 6,881 Foreign government — 3,222 147 3,369 Total fixed maturity securities 21,255 142,459 13,727 177,441 Equity securities: Common stock 481 705 91 1,277 Non-redeemable preferred stock — 486 242 728 Total equity securities 481 1,191 333 2,005 Trading and FVO securities: Actively Traded securities — 656 40 696 FVO general account securities — — 15 15 FVO securities held by CSEs — 4 10 14 Total trading and FVO securities — 660 65 725 Short-term investments (1) 1,837 5,530 568 7,935 Residential mortgage loans — FVO — — 315 315 Derivative assets: (2) Interest rate — 6,283 17 6,300 Foreign currency exchange rate — 1,621 13 1,634 Credit — 53 6 59 Equity market — 372 127 499 Total derivative assets — 8,329 163 8,492 Net embedded derivatives within asset host contracts (3) — — 760 760 Separate account assets (4) 23,054 111,782 1,518 136,354 Total assets $ 46,627 $ 269,951 $ 17,449 $ 334,027 Liabilities Derivative liabilities: (2) Interest rate $ — $ 1,461 $ 1 $ 1,462 Foreign currency exchange rate 1 1,693 2 1,696 Credit — 13 2 15 Equity market 19 325 161 505 Total derivative liabilities 20 3,492 166 3,678 Net embedded derivatives within liability host contracts (3) — 2 854 856 Long-term debt — 65 39 104 Long-term debt of CSEs — FVO — — 11 11 Trading liabilities (5) 164 34 2 200 Total liabilities $ 184 $ 3,593 $ 1,072 $ 4,849 December 31, 2014 Fair Value Hierarchy Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Fixed maturity securities: U.S. corporate $ — $ 60,420 $ 4,937 $ 65,357 U.S. Treasury and agency 21,625 17,445 — 39,070 Foreign corporate — 26,227 3,591 29,818 RMBS — 24,534 3,629 28,163 ABS — 6,734 1,492 8,226 CMBS — 7,464 449 7,913 State and political subdivision — 6,520 — 6,520 Foreign government — 3,642 202 3,844 Total fixed maturity securities 21,625 152,986 14,300 188,911 Equity securities: Common stock 584 716 52 1,352 Non-redeemable preferred stock — 550 163 713 Total equity securities 584 1,266 215 2,065 Trading and FVO securities: Actively Traded securities 22 627 5 654 FVO general account securities — 22 14 36 FVO securities held by CSEs — 3 12 15 Total trading and FVO securities 22 652 31 705 Short-term investments (1) 860 3,091 230 4,181 Residential mortgage loans — FVO — — 308 308 Derivative assets: (2) Interest rate — 5,524 17 5,541 Foreign currency exchange rate — 1,010 7 1,017 Credit — 125 13 138 Equity market 10 279 119 408 Total derivative assets 10 6,938 156 7,104 Net embedded derivatives within asset host contracts (3) — — 657 657 Separate account assets (4) 26,119 111,601 1,615 139,335 Total assets $ 49,220 $ 276,534 $ 17,512 $ 343,266 Liabilities Derivative liabilities: (2) Interest rate $ — $ 1,214 $ — $ 1,214 Foreign currency exchange rate — 971 — 971 Credit — 15 1 16 Equity market — 382 149 531 Total derivative liabilities — 2,582 150 2,732 Net embedded derivatives within liability host contracts (3) — 7 724 731 Long-term debt — 82 35 117 Long-term debt of CSEs — FVO — — 13 13 Trading liabilities (5) 215 24 — 239 Total liabilities $ 215 $ 2,695 $ 922 $ 3,832 __________________ (1) Short-term investments as presented in the tables above differ from the amounts presented on the consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis. (2) Derivative assets are presented within other invested assets on the consolidated balance sheets and derivative liabilities are presented within other liabilities on the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables. (3) Net embedded derivatives within asset host contracts are presented primarily within premiums, reinsurance and other receivables on the consolidated balance sheets. Net embedded derivatives within liability host contracts are presented within policyholder account balances and other liabilities on the consolidated balance sheets. At September 30, 2015 and December 31, 2014 , debt and equity securities also included embedded derivatives of ($205) million and ($150) million , respectively. (4) Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. (5) Trading liabilities are presented within other liabilities on the consolidated balance sheets. The following describes the valuation methodologies used to measure assets and liabilities at fair value. The description includes the valuation techniques and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy. Investments Valuation Controls and Procedures On behalf of the Company and MetLife, Inc.’s Chief Investment Officer and Chief Financial Officer, a pricing and valuation committee that is independent of the trading and investing functions and comprised of senior management, provides oversight of control systems and valuation policies for securities, mortgage loans and derivatives. On a quarterly basis, this committee reviews and approves new transaction types and markets, ensures that observable market prices and market-based parameters are used for valuation, wherever possible, and determines that judgmental valuation adjustments, when applied, are based upon established policies and are applied consistently over time. This committee also provides oversight of the selection of independent third party pricing providers and the controls and procedures to evaluate third party pricing. Periodically, the Chief Accounting Officer reports to the Audit Committees of Metropolitan Life Insurance Company’s and MetLife, Inc.’s Boards of Directors regarding compliance with fair value accounting standards. The Company reviews its valuation methodologies on an ongoing basis and revises those methodologies when necessary based on changing market conditions. Assurance is gained on the overall reasonableness and consistent application of input assumptions, valuation methodologies and compliance with fair value accounting standards through controls designed to ensure valuations represent an exit price. Several controls are utilized, including certain monthly controls, which include, but are not limited to, analysis of portfolio returns to corresponding benchmark returns, comparing a sample of executed prices of securities sold to the fair value estimates, comparing fair value estimates to management’s knowledge of the current market, reviewing the bid/ask spreads to assess activity, comparing prices from multiple independent pricing services and ongoing due diligence to confirm that independent pricing services use market-based parameters. The process includes a determination of the observability of inputs used in estimated fair values received from independent pricing services or brokers by assessing whether these inputs can be corroborated by observable market data. The Company ensures that prices received from independent brokers, also referred to herein as “consensus pricing,” represent a reasonable estimate of fair value by considering such pricing relative to the Company’s knowledge of the current market dynamics and current pricing for similar financial instruments. While independent non-binding broker quotations are utilized, they are not used for a significant portion of the portfolio. For example, fixed maturity securities priced using independent non-binding broker quotations represent less than 1% of the total estimated fair value of fixed maturity securities and 6% of the total estimated fair value of Level 3 fixed maturity securities at September 30, 2015 . The Company also applies a formal process to challenge any prices received from independent pricing services that are not considered representative of estimated fair value. If prices received from independent pricing services are not considered reflective of market activity or representative of estimated fair value, independent non-binding broker quotations are obtained, or an internally developed valuation is prepared. Internally developed valuations of current estimated fair value, which reflect internal estimates of liquidity and nonperformance risks, compared with pricing received from the independent pricing services, did not produce material differences in the estimated fair values for the majority of the portfolio; accordingly, overrides were not material. This is, in part, because internal estimates of liquidity and nonperformance risks are generally based on available market evidence and estimates used by other market participants. In the absence of such market-based evidence, management’s best estimate is used. Securities, Short-term Investments, Long-term Debt, Long-term Debt of CSEs — FVO and Trading Liabilities When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings and valuation of these securities does not involve management’s judgment. When quoted prices in active markets are not available, the determination of estimated fair value is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based in large part on management’s judgment or estimation and cannot be supported by reference to market activity. Even though these inputs are unobservable, management believes they are consistent with what other market participants would use when pricing such securities and are considered appropriate given the circumstances. The estimated fair value of FVO securities held by CSEs, long-term debt, long-term debt of CSEs — FVO and trading liabilities is determined on a basis consistent with the methodologies described herein for securities. The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs. Instrument Level 2 Observable Inputs Level 3 Unobservable Inputs Fixed Maturity Securities U.S. corporate and Foreign corporate securities Valuation Techniques: Principally the market and income approaches. Valuation Techniques: Principally the market approach. Key Inputs: Key Inputs: • quoted prices in markets that are not active • illiquidity premium • benchmark yields • delta spread adjustments to reflect specific credit-related issues • spreads off benchmark yields • credit spreads • new issuances • quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 • issuer rating • duration • independent non-binding broker quotations • trades of identical or comparable securities • Privately-placed securities are valued using the additional key inputs: • market yield curve • call provisions • observable prices and spreads for similar publicly traded or privately traded securities that incorporate the credit quality and industry sector of the issuer • delta spread adjustments to reflect specific credit-related issues U.S. Treasury and agency, State and political subdivision and Foreign government securities Valuation Techniques: Principally the market approach. Valuation Techniques: Principally the market approach. Key Inputs: Key Inputs: • quoted prices in markets that are not active • independent non-binding broker quotations • benchmark U.S. Treasury yield or other yields • quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 • the spread off the U.S. Treasury yield curve for the identical security • issuer ratings and issuer spreads • credit spreads • broker-dealer quotes • comparable securities that are actively traded • reported trades of similar securities, including those that are actively traded, and those within the same sub-sector or with a similar maturity or credit rating Structured securities comprised of RMBS, ABS and CMBS Valuation Techniques: Principally the market and income approaches. Valuation Techniques: Principally the market and income approaches. Key Inputs: Key Inputs: • quoted prices in markets that are not active • credit spreads • spreads for actively traded securities • quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 • spreads off benchmark yields • expected prepayment speeds and volumes • independent non-binding broker quotations • current and forecasted loss severity • ratings • weighted average coupon and weighted average maturity • average delinquency rates • geographic region • debt-service coverage ratios • issuance-specific information, including, but not limited to: • collateral type • payment terms of the underlying assets • payment priority within the tranche • structure of the security • deal performance • vintage of loans Instrument Level 2 Observable Inputs Level 3 Unobservable Inputs Equity Securities Common and Non-redeemable preferred stock Valuation Techniques: Principally the market approach. Valuation Techniques: Principally the market and income approaches. Key Input: Key Inputs: • quoted prices in markets that are not considered active • credit ratings • issuance structures • quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 • independent non-binding broker quotations Trading and FVO securities and Short-term investments • Trading and FVO securities and short-term investments are of a similar nature and class to the fixed maturity and equity securities described above; accordingly, the valuation techniques and observable inputs used in their valuation are also similar to those described above. • Trading and FVO securities and short-term investments are of a similar nature and class to the fixed maturity and equity securities described above; accordingly, the valuation techniques and unobservable inputs used in their valuation are also similar to those described above. Mortgage Loans — FVO Residential mortgage loans — FVO • N/A Valuation Techniques: Principally the market approach, including matrix pricing or other similar techniques. Key Inputs: Inputs that are unobservable or cannot be derived principally from, or corroborated by, observable market data Separate Account Assets (1) Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly Key Input: • quoted prices or reported NAV provided by the fund managers • N/A Other limited partnership interests • N/A Valuation Techniques: Valued giving consideration to the underlying holdings of the partnerships and by applying a premium or discount, if appropriate. Key Inputs: • liquidity • bid/ask spreads • the performance record of the fund manager • other relevant variables that may impact the exit value of the particular partnership interest ______________ (1) Estimated fair value equals carrying value, based on the value of the underlying assets, including: mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, other limited partnership interests, short-term investments and cash and cash equivalents. Fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents are similar in nature to the instruments described under “— Securities, Short-term Investments, Other Investments, Long-term Debt of CSEs — FVO and Trading Liabilities” and “— Derivatives — Freestanding Derivatives Valuation Techniques and Key Inputs.” Derivatives The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value when quoted market values are not available is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models. The valuation controls and procedures for derivatives are described in “— Investments.” The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Certain OTC-bilateral and OTC-cleared derivatives may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Even though unobservable, these inputs are based on assumptions deemed appropriate given the circumstances and management believes they are consistent with what other market participants would use when pricing such instruments. Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income. The credit risk of both the counterparty and the Company are considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is in part due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period . Freestanding Derivatives Valuation Techniques and Key Inputs Level 2 This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3. Level 3 These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows: Instrument Interest Rate Foreign Currency Exchange Rate Credit Equity Market Inputs common to Level 2 and Level 3 by instrument type • swap yield curve • swap yield curve • swap yield curve • swap yield curve • basis curves • basis curves • credit curves • spot equity index levels • interest rate volatility (1) • currency spot rates • recovery rates • dividend yield curves • cross currency basis curves • equity volatility (1) Level 3 • swap yield curve (2) • swap yield curve (2) • swap yield curve (2) • dividend yield curves (2) • basis curves (2) • basis curves (2) • credit curves (2) • equity volatility (1), (2) • cross currency basis curves (2) • credit spreads • correlation between model inputs (1) • currency correlation • repurchase rates • independent non-binding broker quotations ______________ (1) Option-based only. (2) Extrapolation beyond the observable limits of the curve(s). Embedded Derivatives Embedded derivatives principally include certain direct, assumed and ceded variable annuity guarantees, certain affiliated ceded reinsurance agreements related to such variable annuity guarantees, equity or bond indexed crediting rates within certain funding agreements and those related to funds withheld on ceded reinsurance. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income. The Company issues certain variable annuity products with guaranteed minimum benefits. GMWBs, GMABs and certain GMIBs contain embedded derivatives, which are measured at estimated fair value separately from the host variable annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the consolidated balance sheets. The Company’s actuarial department calculates the fair value of these embedded derivatives, which are estimated as the present value of projected future benefits minus the present value of projected future fees using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, and is performed using standard actuarial valuation software which projects future cash flows from the embedded derivative over multiple risk neutral stochastic scenarios using observable risk-free rates. Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. The valuation of these guarantee liabilities includes nonperformance risk adjustments and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries compared to MetLife, Inc. Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions as annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees. These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; changes in nonperformance risk; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, may result in significant fluctuations in the estimated fair value of the guarantees that could materially affect net income. The Company ceded the risk associated with certain of the GMIBs, GMABs and GMWBs previously described. In addition to ceding risks associated with guarantees that are accounted for as embedded derivatives, the Company also ceded directly written GMIBs that are accounted for as insurance (i.e., not as embedded derivatives) but where the reinsurance agreement contains an embedded derivative. These embedded derivatives are included within premiums, reinsurance and other receivables on the consolidated balance sheets with changes in estimated fair value reported in net derivative gains (losses). The value of the embedded derivatives on the ceded risk is determined using a methodology consistent with that described previously for the guarantees directly written by the Company with the exception of the input for nonperformance risk that reflects the credit of the reinsurer. The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the funds withheld liability. The estimated fair value of the underlying assets is determined as previously described in “— Investments — Securities, Short-term Investments, Long-term Debt of CSEs — FVO and Trading Liabilities.” The estimated fair value of these embedded derivatives is included, along with their funds withheld hosts, in other liabilities on the consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income. The estimated fair value of the embedded equity and bond indexed derivatives contained in certain funding agreements is determined using market standard swap valuation models and observable market inputs, including a nonperformance risk adjustment. The estimated fair value of these embedded derivatives are included, along with their funding agreements host, within policyholder account balances with changes in estimated fair value recorded in net derivative gains (losses). Changes in equity and bond indices, interest rates and the Company’s credit standing may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income. Embedded Derivatives Within Asset and Liability Host Contracts Level 3 Valuation Techniques and Key Inputs: Direct and assumed guaranteed minimum benefits These embedded derivatives are principally valued using the income approach. Valuations are based on option pricing techniques, which utilize significant inputs that may include swap yield curve, currency exchange rates and implied volatilities. These embedded derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Significant unobservable inputs generally include: the extrapolation beyond observable limits of the swap yield curve and implied volatilities, actuarial assumptions for policyholder behavior and mortality and the potential variability in policyholder behavior and mortality, nonperformance risk and cost of capital for purposes of calculating the risk margin. Reinsurance ceded on certain guaranteed minimum benefits These embedded derivatives are principally valued using the income approach. The valuation techniques and significant market standard unobservable inputs used in their valuation are similar to those described above in “— Direct and assumed guaranteed minimum benefits” and also include counterparty credit spreads. Embedded derivatives within funds withheld related to certain ceded reinsurance These embedded derivatives are principally valued using the income approach. The valuations are based on present value techniques, which utilize significant inputs that may include the swap yield curve and the fair value of assets within the reference portfolio. These embedded derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Significant unobservable inputs generally include the fair value of certain assets within the reference portfolio which are not observable in the market and cannot be derived principally from, or corroborated by, observable market data. Transfers between Levels Overall, transfers between levels occur when there are changes in the observability of inputs and market activity. Transfers into or out of any level are assumed to occur at the beginning of the period. Transfers between Levels 1 and 2: For assets and liabilities measured at estimated fair value and still held at September 30, 2015 , transfers between Levels 1 and 2 were not significant. For assets and liabilities measured at estimated fair value and still held at December 31, 2014 , there were no transfers between Levels 1 and 2. Transfers into or out of Level 3: Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable. Transfers into Level 3 for fixed maturity securities and separate account assets were due primarily to a lack of trading activity, decreased liquidity and credit ratings downgrades (e.g., from investment grade to below investment grade) which have resulted in decreased transparency of valuations and an increased use of independent non-binding broker quotations and unobservable inputs, such as illiquidity premiums, delta spread adjustments, o |
Equity
Equity | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Equity | 8. Equity Accumulated Other Comprehensive Income (Loss) Information regarding changes in the balances of each component of AOCI attributable to Metropolitan Life Insurance Company was as follows: Three Months Unrealized Investment Gains (Losses), Net of Related Offsets (1) Unrealized Gains (Losses) on Derivatives Foreign Currency Translation Adjustments Defined Benefit Plans Adjustment Total (In millions) Balance, beginning of period $ 4,238 $ 1,138 $ (66 ) $ (2,162 ) $ 3,148 OCI before reclassifications 547 92 7 — 646 Deferred income tax benefit (expense) (187 ) (32 ) (5 ) — (224 ) AOCI before reclassifications, net of income tax 4,598 1,198 (64 ) (2,162 ) 3,570 Amounts reclassified from AOCI 108 217 — 55 380 Deferred income tax benefit (expense) (39 ) (76 ) — (19 ) (134 ) Amounts reclassified from AOCI, net of income tax 69 141 — 36 246 Balance, end of period $ 4,667 $ 1,339 $ (64 ) $ (2,126 ) $ 3,816 Three Months Unrealized Investment Gains (Losses), Net of Related Offsets (1) Unrealized Gains (Losses) on Derivatives Foreign Currency Translation Adjustments Defined Benefit Plans Adjustment Total (In millions) Balance, beginning of period $ 6,596 $ 397 $ 37 $ (1,562 ) $ 5,468 OCI before reclassifications (1,182 ) 90 (6 ) 29 (1,069 ) Deferred income tax benefit (expense) 412 (31 ) — (10 ) 371 AOCI before reclassifications, net of income tax 5,826 456 31 (1,543 ) 4,770 Amounts reclassified from AOCI (10 ) 433 — 44 467 Deferred income tax benefit (expense) 3 (151 ) — (13 ) (161 ) Amounts reclassified from AOCI, net of income tax (7 ) 282 — 31 306 Balance, end of period $ 5,819 $ 738 $ 31 $ (1,512 ) $ 5,076 Nine Months Unrealized Investment Gains (Losses), Net of Related Offsets (1) Unrealized Gains (Losses) on Derivatives Foreign Currency Translation Adjustments Defined Benefit Plans Adjustment Total (In millions) Balance, beginning of period $ 6,200 $ 1,073 $ (3 ) $ (2,236 ) $ 5,034 OCI before reclassifications (2,551 ) (63 ) (89 ) — (2,703 ) Deferred income tax benefit (expense) 900 22 28 — 950 AOCI before reclassifications, net of income tax 4,549 1,032 (64 ) (2,236 ) 3,281 Amounts reclassified from AOCI 183 472 — 169 824 Deferred income tax benefit (expense) (65 ) (165 ) — (59 ) (289 ) Amounts reclassified from AOCI, net of income tax 118 307 — 110 535 Balance, end of period $ 4,667 $ 1,339 $ (64 ) $ (2,126 ) $ 3,816 Nine Months Unrealized Investment Gains (Losses), Net of Related Offsets (1) Unrealized Gains (Losses) on Derivatives Foreign Currency Translation Adjustments Defined Benefit Plans Adjustment Total (In millions) Balance, beginning of period $ 3,468 $ 236 $ 31 $ (1,577 ) $ 2,158 OCI before reclassifications 3,627 448 7 (22 ) 4,060 Deferred income tax benefit (expense) (1,261 ) (157 ) (7 ) (1 ) (1,426 ) AOCI before reclassifications, net of income tax 5,834 527 31 (1,600 ) 4,792 Amounts reclassified from AOCI (23 ) 324 — 132 433 Deferred income tax benefit (expense) 8 (113 ) — (44 ) (149 ) Amounts reclassified from AOCI, net of income tax (15 ) 211 — 88 284 Balance, end of period $ 5,819 $ 738 $ 31 $ (1,512 ) $ 5,076 __________________ (1) See Note 5 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI, and the policyholder dividend obligation. Information regarding amounts reclassified out of each component of AOCI was as follows: AOCI Components Amounts Reclassified from AOCI Consolidated Statement of Operations and Comprehensive Income (Loss) Locations Three Months Nine Months 2015 2014 2015 2014 (In millions) Net unrealized investment gains (losses): Net unrealized investment gains (losses) $ (66 ) $ (6 ) $ 8 $ (99 ) Net investment gains (losses) Net unrealized investment gains (losses) (3 ) 10 37 66 Net investment income Net unrealized investment gains (losses) (39 ) 6 (228 ) 56 Net derivative gains (losses) Net unrealized investment gains (losses), before income tax (108 ) 10 (183 ) 23 Income tax (expense) benefit 39 (3 ) 65 (8 ) Net unrealized investment gains (losses), net of income tax $ (69 ) $ 7 $ (118 ) $ 15 Unrealized gains (losses) on derivatives - cash flow hedges: Interest rate swaps $ 39 $ 1 $ 51 $ 28 Net derivative gains (losses) Interest rate swaps 2 2 8 6 Net investment income Interest rate forwards — (10 ) 3 (9 ) Net derivative gains (losses) Interest rate forwards 1 1 2 2 Net investment income Foreign currency swaps (260 ) (427 ) (537 ) (350 ) Net derivative gains (losses) Foreign currency swaps — — (1 ) (1 ) Net investment income Credit forwards — — 1 — Net derivative gains (losses) Credit forwards 1 — 1 — Net investment income Gains (losses) on cash flow hedges, before income tax (217 ) (433 ) (472 ) (324 ) Income tax (expense) benefit 76 151 165 113 Gains (losses) on cash flow hedges, net of income tax $ (141 ) $ (282 ) $ (307 ) $ (211 ) Defined benefit plans adjustment: (1) Amortization of net actuarial gains (losses) $ (56 ) $ (45 ) $ (172 ) $ (132 ) Amortization of prior service (costs) credit 1 1 3 — Amortization of defined benefit plan items, before income tax (55 ) (44 ) (169 ) (132 ) Income tax (expense) benefit 19 13 59 44 Amortization of defined benefit plan items, net of income tax $ (36 ) $ (31 ) $ (110 ) $ (88 ) Total reclassifications, net of income tax $ (246 ) $ (306 ) $ (535 ) $ (284 ) __________________ (1) These AOCI components are included in the computation of net periodic benefit costs. See Note 10 . |
Other Expenses
Other Expenses | 9 Months Ended |
Sep. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Other Expenses | 9. Other Expenses Information on other expenses was as follows: Three Months Nine Months 2015 2014 2015 2014 (In millions) Compensation $ 472 $ 596 $ 1,562 $ 1,644 Pension, postretirement and postemployment benefit costs 62 91 178 247 Commissions 176 192 498 583 Volume-related costs 47 60 151 25 Affiliated interest costs on ceded and assumed reinsurance 201 235 616 717 Capitalization of DAC (117 ) (106 ) (346 ) (313 ) Amortization of DAC and VOBA 303 88 595 482 Interest expense on debt 31 38 96 114 Premium taxes, licenses and fees 82 85 269 248 Professional services 283 254 811 729 Rent and related expenses, net of sublease income 21 36 61 106 Other (1) 300 (105 ) 298 (310 ) Total other expenses $ 1,861 $ 1,464 $ 4,789 $ 4,272 __________________ (1) See Note 11 for a discussion of a charge related to income tax included in both the three months and nine months ended September 30, 2015. Affiliated Expenses Commissions, capitalization of DAC and amortization of DAC and VOBA include the impact of affiliated reinsurance transactions. See Note 13 for a discussion of affiliated expenses included in the table above. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 10. Employee Benefit Plans Pension and Other Postretirement Benefit Plans The Company sponsors and administers various U.S. qualified and non-qualified defined benefit pension plans and other postretirement employee benefit plans covering employees and sales representatives who meet specified eligibility requirements. Participating affiliates are allocated a proportionate share of net expense related to the plans, as well as contributions made to the plans. The Company also provides certain postemployment benefits and certain postretirement medical and life insurance benefits for retired employees. Participating affiliates are allocated a proportionate share of net expense and contributions related to the postemployment and other postretirement plans. The components of net periodic benefit costs were as follows: Three Months 2015 2014 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits (In millions) Service costs $ 54 $ 3 $ 46 $ 3 Interest costs 101 22 102 21 Settlement and curtailment costs — — 14 — Expected return on plan assets (134 ) (19 ) (111 ) (19 ) Amortization of net actuarial (gains) losses 46 10 42 3 Amortization of prior service costs (credit) (1 ) — — (1 ) Allocated to affiliates (14 ) (4 ) (9 ) — Net periodic benefit costs (credit) $ 52 $ 12 $ 84 $ 7 Nine Months 2015 2014 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits (In millions) Service costs $ 162 $ 11 $ 137 $ 9 Interest costs 303 66 308 64 Settlement and curtailment costs — — 14 — Expected return on plan assets (403 ) (59 ) (333 ) (56 ) Amortization of net actuarial (gains) losses 141 31 124 8 Amortization of prior service costs (credit) (1 ) (2 ) 1 (1 ) Allocated to affiliates (44 ) (12 ) (28 ) (2 ) Net periodic benefit costs (credit) $ 158 $ 35 $ 223 $ 22 |
Income Tax
Income Tax | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax | 11. Income Tax The Company recorded a non-cash charge to net income of $792 million , net of tax, during the third quarter of 2015. The charge was related to an uncertain tax position and was comprised of a $557 million charge included in provision for income tax expense (benefit) and a $362 million ( $235 million , net of tax) charge included in other expenses. This charge is the result of the Company’s consideration of recent decisions of the U.S. Court of Appeals for the Second Circuit upholding the disallowance of foreign tax credits claimed by other corporate entities not affiliated with the Company. The Company’s action relates to tax years from 2000 to 2009, during which MLIC held non-U.S. investments in support of its life insurance business through a United Kingdom investment subsidiary that was structured as a joint venture at the time. There has been no change in the Company’s position on the disallowance of its foreign tax credits by the U.S. Internal Revenue Service (“IRS”). The Company continues to contest the disallowance of these foreign tax credits by the IRS as management believes the facts strongly support the Company’s position. The Company will defend its position vigorously and does not expect any additional charges related to this matter. Also related to the aforementioned foreign tax credit matter, on April 9, 2015, the IRS issued to the Company a Statutory Notice of Deficiency (the “Notice”) for years 2000, 2001 and 2002. The Notice asserted that the Company owes additional taxes and interest for these years primarily due to the disallowance of foreign tax credits. The transactions that are the subject of the Notice continue through 2009, and it is likely that the IRS will seek to challenge these later periods. On September 18, 2015, the Company paid the assessed tax and interest of $444 million for 2000 through 2002 and will subsequently file a claim for a refund. |
Contingencies, Commitments and
Contingencies, Commitments and Guarantees | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments and Guarantees | 12. Contingencies, Commitments and Guarantees Contingencies Litigation The Company is a defendant in a large number of litigation matters. In some of the matters, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with the actual experience of the Company in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the vagaries of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time may normally be difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Liabilities have been established for a number of the matters noted below. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be estimated at September 30, 2015 . While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company’s financial position. Matters as to Which an Estimate Can Be Made For some of the matters disclosed below, the Company is able to estimate a reasonably possible range of loss. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. As of September 30, 2015 , the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $415 million . Matters as to Which an Estimate Cannot Be Made For other matters disclosed below, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews. Asbestos-Related Claims Metropolitan Life Insurance Company is and has been a defendant in a large number of asbestos-related suits filed primarily in state courts. These suits principally allege that the plaintiff or plaintiffs suffered personal injury resulting from exposure to asbestos and seek both actual and punitive damages. Metropolitan Life Insurance Company has never engaged in the business of manufacturing, producing, distributing or selling asbestos or asbestos-containing products nor has Metropolitan Life Insurance Company issued liability or workers’ compensation insurance to companies in the business of manufacturing, producing, distributing or selling asbestos or asbestos-containing products. The lawsuits principally have focused on allegations with respect to certain research, publication and other activities of one or more of Metropolitan Life Insurance Company’s employees during the period from the 1920’s through approximately the 1950’s and allege that Metropolitan Life Insurance Company learned or should have learned of certain health risks posed by asbestos and, among other things, improperly publicized or failed to disclose those health risks. Metropolitan Life Insurance Company believes that it should not have legal liability in these cases. The outcome of most asbestos litigation matters, however, is uncertain and can be impacted by numerous variables, including differences in legal rulings in various jurisdictions, the nature of the alleged injury and factors unrelated to the ultimate legal merit of the claims asserted against Metropolitan Life Insurance Company. Metropolitan Life Insurance Company employs a number of resolution strategies to manage its asbestos loss exposure, including seeking resolution of pending litigation by judicial rulings and settling individual or groups of claims or lawsuits under appropriate circumstances. Claims asserted against Metropolitan Life Insurance Company have included negligence, intentional tort and conspiracy concerning the health risks associated with asbestos. Metropolitan Life Insurance Company’s defenses (beyond denial of certain factual allegations) include that: (i) Metropolitan Life Insurance Company owed no duty to the plaintiffs — it had no special relationship with the plaintiffs and did not manufacture, produce, distribute or sell the asbestos products that allegedly injured plaintiffs; (ii) plaintiffs did not rely on any actions of Metropolitan Life Insurance Company; (iii) Metropolitan Life Insurance Company’s conduct was not the cause of the plaintiffs’ injuries; (iv) plaintiffs’ exposure occurred after the dangers of asbestos were known; and (v) the applicable time with respect to filing suit has expired. During the course of the litigation, certain trial courts have granted motions dismissing claims against Metropolitan Life Insurance Company, while other trial courts have denied Metropolitan Life Insurance Company’s motions. There can be no assurance that Metropolitan Life Insurance Company will receive favorable decisions on motions in the future. While most cases brought to date have settled, Metropolitan Life Insurance Company intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials. As reported in the 2014 Annual Report, Metropolitan Life Insurance Company received approximately 4,636 asbestos-related claims in 2014 . During the nine months ended September 30, 2015 and 2014 , Metropolitan Life Insurance Company received approximately 2,971 and 3,641 new asbestos-related claims, respectively. See Note 17 of the Notes to the Consolidated Financial Statements included in the 2014 Annual Report for historical information concerning asbestos claims and Metropolitan Life Insurance Company’s increase in its recorded liability at December 31, 2014 . The number of asbestos cases that may be brought, the aggregate amount of any liability that Metropolitan Life Insurance Company may incur, and the total amount paid in settlements in any given year are uncertain and may vary significantly from year to year. The ability of Metropolitan Life Insurance Company to estimate its ultimate asbestos exposure is subject to considerable uncertainty, and the conditions impacting its liability can be dynamic and subject to change. The availability of reliable data is limited and it is difficult to predict the numerous variables that can affect liability estimates, including the number of future claims, the cost to resolve claims, the disease mix and severity of disease in pending and future claims, the impact of the number of new claims filed in a particular jurisdiction and variations in the law in the jurisdictions in which claims are filed, the possible impact of tort reform efforts, the willingness of courts to allow plaintiffs to pursue claims against Metropolitan Life Insurance Company when exposure to asbestos took place after the dangers of asbestos exposure were well known, and the impact of any possible future adverse verdicts and their amounts. The ability to make estimates regarding ultimate asbestos exposure declines significantly as the estimates relate to years further in the future. In the Company’s judgment, there is a future point after which losses cease to be probable and reasonably estimable. It is reasonably possible that the Company’s total exposure to asbestos claims may be materially greater than the asbestos liability currently accrued and that future charges to income may be necessary. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known by management, management does not believe any such charges are likely to have a material effect on the Company’s financial position. The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. Metropolitan Life Insurance Company’s recorded asbestos liability is based on its estimation of the following elements, as informed by the facts presently known to it, its understanding of current law and its past experiences: (i) the probable and reasonably estimable liability for asbestos claims already asserted against Metropolitan Life Insurance Company, including claims settled but not yet paid; (ii) the probable and reasonably estimable liability for asbestos claims not yet asserted against Metropolitan Life Insurance Company, but which Metropolitan Life Insurance Company believes are reasonably probable of assertion; and (iii) the legal defense costs associated with the foregoing claims. Significant assumptions underlying Metropolitan Life Insurance Company’s analysis of the adequacy of its recorded liability with respect to asbestos litigation include: (i) the number of future claims; (ii) the cost to resolve claims; and (iii) the cost to defend claims. Metropolitan Life Insurance Company reevaluates on a quarterly and annual basis its exposure from asbestos litigation, including studying its claims experience, reviewing external literature regarding asbestos claims experience in the United States, assessing relevant trends impacting asbestos liability and considering numerous variables that can affect its asbestos liability exposure on an overall or per claim basis. These variables include bankruptcies of other companies involved in asbestos litigation, legislative and judicial developments, the number of pending claims involving serious disease, the number of new claims filed against it and other defendants and the jurisdictions in which claims are pending. Based upon its reevaluation of its exposure from asbestos litigation, Metropolitan Life Insurance Company has updated its liability analysis for asbestos-related claims through September 30, 2015 . Regulatory Matters The Company receives and responds to subpoenas or other inquiries from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the U.S. Securities and Exchange Commission (the “SEC”); federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority (“FINRA”) seeking a broad range of information. The issues involved in information requests and regulatory matters vary widely. The Company cooperates in these inquiries. In the Matter of Chemform, Inc. Site, Pompano Beach, Broward County, Florida In July 2010, the Environmental Protection Agency (“EPA”) advised Metropolitan Life Insurance Company that it believed payments were due under two settlement agreements, known as “Administrative Orders on Consent,” that New England Mutual Life Insurance Company (“New England Mutual”) signed in 1989 and 1992 with respect to the cleanup of a Superfund site in Florida (the “Chemform Site”). The EPA originally contacted Metropolitan Life Insurance Company (as successor to New England Mutual) and a third party in 2001, and advised that they owed additional clean-up costs for the Chemform Site. The matter was not resolved at that time. The EPA is requesting payment of an amount under $1 million from Metropolitan Life Insurance Company and such third party for past costs and an additional amount for future environmental testing costs at the Chemform Site. In September 2012, the EPA, Metropolitan Life Insurance Company and the third party executed an Administrative Order on Consent under which Metropolitan Life Insurance Company and the third party have agreed to be responsible for certain environmental testing at the Chemform Site. The Company estimates that its costs for the environmental testing will not exceed $100,000 . The September 2012 Administrative Order on Consent does not resolve the EPA’s claim for past clean-up costs. The EPA may seek additional costs if the environmental testing identifies issues. The Company estimates that the aggregate cost to resolve this matter will not exceed $1 million . Sales Practices Regulatory Matters Regulatory authorities in a small number of states and FINRA, and occasionally the SEC, have had investigations or inquiries relating to sales of individual life insurance policies or annuities or other products by Metropolitan Life Insurance Company, New England Life Insurance Company (“NELICO”) and General American Life Insurance Company (“GALIC”). These investigations often focus on the conduct of particular financial services representatives and the sale of unregistered or unsuitable products or the misuse of client assets. Over the past several years, these and a number of investigations by other regulatory authorities were resolved for monetary payments and certain other relief, including restitution payments. The Company may continue to resolve investigations in a similar manner. The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for these sales practices-related investigations or inquiries. Unclaimed Property Litigation West Virginia Lawsuits On September 20, 2012, the West Virginia Treasurer filed an action against Metropolitan Life Insurance Company in West Virginia state court (West Virginia ex rel. John D. Perdue v. Metropolitan Life Insurance Company, Circuit Court of Putnam County, Civil Action No. 12-C-295) alleging that Metropolitan Life Insurance Company violated the West Virginia Uniform Unclaimed Property Act, seeking to compel compliance with the Act, and seeking payment of unclaimed property, interest, and penalties. On November 21, 2012 and January 9, 2013, the Treasurer filed substantially identical suits against NELICO and GALIC, respectively. On June 16, 2015, the West Virginia Supreme Court of Appeals reversed the Circuit Court’s order that had granted defendants’ motions to dismiss the actions and remanded them to the Circuit Court for further proceedings. The defendants intend to defend these actions vigorously. Total Control Accounts Litigation Metropolitan Life Insurance Company is a defendant in a lawsuit related to its use of retained asset accounts, known as TCA, as a settlement option for death benefits. Owens v. Metropolitan Life Insurance Company (N.D. Ga., filed April 17, 2014) This putative class action lawsuit alleges that Metropolitan Life Insurance Company’s use of the TCA as the settlement option for life insurance benefits under some group life insurance policies violates Metropolitan Life Insurance Company’s fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”). As damages, plaintiff seeks disgorgement of profits that Metropolitan Life Insurance Company realized on accounts owned by members of the putative class. The court denied Metropolitan Life Insurance Company’s motion to dismiss the complaint. The Company intends to defend this action vigorously. Reinsurance Litigation Robainas, et al. v. Metropolitan Life Ins. Co. (S.D.N.Y., December 16, 2014) Plaintiffs filed this putative class action lawsuit on behalf of themselves and all persons and entities who, directly or indirectly, purchased, renewed or paid premiums on life insurance policies issued by Metropolitan Life Insurance Company from 2009 through 2014 (the “Policies”). Two similar actions were subsequently filed, Yale v. Metropolitan Life Ins. Co. (S.D.N.Y., January 12, 2015) and International Association of Machinists and Aerospace Workers District Lodge 15 v. Metropolitan Life Ins. Co. (E.D.N.Y., February 2, 2015) . Both of these actions were consolidated with the Robainas action. The consolidated complaint alleges that Metropolitan Life Insurance Company inadequately disclosed in its statutory annual statements that certain reinsurance transactions with affiliated reinsurance companies were collateralized using “contractual parental guarantees,” and thereby allegedly misrepresented its financial condition and the adequacy of its reserves. The lawsuit sought recovery under Section 4226 of the New York Insurance Law of a statutory penalty in the amount of the premiums paid for the Policies. On October 9, 2015, the court granted Metropolitan Life Insurance Company’s motion to dismiss the consolidated complaint, finding that plaintiffs lacked Article III standing because they did not allege any concrete injury as a result of the alleged conduct. Intoccia v. Metropolitan Life Ins. Co. (S.D.N.Y., April 20, 2015) Plaintiffs filed this putative class action on behalf of themselves and all persons and entities who, directly or indirectly, purchased, renewed or paid premiums for Guaranteed Benefits Insurance Riders attached to variable annuity contracts with Metropolitan Life Insurance Company from 2009 through 2015 (the “Annuities”). The court consolidated Weilert v. Metropolitan Life Ins. Co. (S.D.N.Y., April 30, 2015) with the Intoccia case, and the consolidated, amended complaint alleges that Metropolitan Life Insurance Company inadequately disclosed in its statutory annual statements that certain reinsurance transactions with affiliated reinsurance companies were collateralized using “contractual parental guarantees,” and thereby allegedly misrepresented its financial condition and the adequacy of its reserves. The lawsuits seek recovery under Section 4226 of the New York Insurance Law of a statutory penalty in the amount of the premiums paid for Guaranteed Benefits Insurance Riders attached to the Annuities. On October 9, 2015, the court issued an order to show cause why the Intoccia action should not be dismissed pursuant to the reasoning in the court’s order dismissing the Robainas case discussed above. Other Litigation McGuire v. Metropolitan Life Insurance Company (E.D. Mich., filed February 22, 2012) This lawsuit was filed by the fiduciary for the Union Carbide Employees’ Pension Plan and alleges that Metropolitan Life Insurance Company, which issued annuity contracts to fund some of the benefits the Plan provides, engaged in transactions that ERISA prohibits and violated duties under ERISA and federal common law by determining that no dividends were payable with respect to the contracts from and after 1999. On August 8, 2014, the court denied the parties’ motions for summary judgment. The court has not yet set a new trial date. Sun Life Assurance Company of Canada Indemnity Claim In 2006, Sun Life Assurance Company of Canada (“Sun Life”), as successor to the purchaser of Metropolitan Life Insurance Company’s Canadian operations, filed a lawsuit in Toronto, seeking a declaration that Metropolitan Life Insurance Company remains liable for “market conduct claims” related to certain individual life insurance policies sold by Metropolitan Life Insurance Company and that were transferred to Sun Life. Sun Life had asked that the court require Metropolitan Life Insurance Company to indemnify Sun Life for these claims pursuant to indemnity provisions in the sale agreement for the sale of Metropolitan Life Insurance Company’s Canadian operations entered into in June of 1998. In January 2010, the court found that Sun Life had given timely notice of its claim for indemnification but, because it found that Sun Life had not yet incurred an indemnifiable loss, granted Metropolitan Life Insurance Company’s motion for summary judgment. Both parties appealed but subsequently agreed to withdraw the appeal and consider the indemnity claim through arbitration. In September 2010, Sun Life notified Metropolitan Life Insurance Company that a purported class action lawsuit was filed against Sun Life in Toronto, Fehr v. Sun Life Assurance Co. (Super. Ct., Ontario, September 2010) , alleging sales practices claims regarding the same individual policies sold by Metropolitan Life Insurance Company and transferred to Sun Life. An amended class action complaint in that case was served on Sun Life in May 2013, again without naming Metropolitan Life Insurance Company as a party. On August 30, 2011, Sun Life notified Metropolitan Life Insurance Company that a purported class action lawsuit was filed against Sun Life in Vancouver, Alamwala v. Sun Life Assurance Co. (Sup. Ct., British Columbia, August 2011) , alleging sales practices claims regarding certain of the same policies sold by Metropolitan Life Insurance Company and transferred to Sun Life. Sun Life contends that Metropolitan Life Insurance Company is obligated to indemnify Sun Life for some or all of the claims in these lawsuits. These sales practices cases against Sun Life are ongoing, and the Company is unable to estimate the reasonably possible loss or range of loss arising from this litigation. Fauley v. Metropolitan Life Insurance Co., et al. (Circuit Court of the 19 th Judicial Circuit, Lake County, Ill., July 3, 2014) Plaintiffs filed this lawsuit against defendants, including Metropolitan Life Insurance Company and a former MetLife financial services representative, alleging that the defendants sent unsolicited fax advertisements to plaintiff and others in violation of the Telephone Consumer Protection Act, as amended by the Junk Fax Prevention Act, 47 U.S.C. § 227. The court issued a final order certifying a nationwide settlement class and approving a settlement under which Metropolitan Life Insurance Company agreed to pay up to $23 million to resolve claims as to fax ads sent between August 23, 2008 and August 7, 2014. Objectors to the settlement have appealed the approval order. Voshall v. Metropolitan Life Ins. Co. (Superior Court of the State of California, County of Los Angeles, April 8, 2015) Plaintiff filed this putative class action lawsuit on behalf of himself and all persons covered under a long-term group disability income insurance policy issued by Metropolitan Life Insurance Company to public entities in California between April 8, 2011 and April 8, 2015. Plaintiff alleges that Metropolitan Life Insurance Company improperly reduced benefits by including cost of living adjustments and employee paid contributions in the employer retirement benefits and other income that reduces the benefit payable under such policies. Plaintiff asserts causes of action for declaratory relief, violation of the California Business & Professions Code, breach of contract and breach of the implied covenant of good faith and fair dealing. The Company intends to defend this action vigorously. Sales Practices Claims Over the past several years, the Company has faced numerous claims, including class action lawsuits, alleging improper marketing or sales of individual life insurance policies, annuities, mutual funds or other products. Some of the current cases seek substantial damages, including punitive and treble damages and attorneys’ fees. The Company continues to defend vigorously against the claims in these matters. The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for sales practices matters. Summary Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed previously and those otherwise provided for in the Company’s consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, employer, investor and taxpayer. Further, state insurance regulatory authorities and other federal and state authorities regularly make inquiries and conduct investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. In some of the matters referred to previously, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Although in light of these considerations it is possible that an adverse outcome in certain cases could have a material effect upon the Company’s financial position, based on information currently known by the Company’s management, in its opinion, the outcomes of such pending investigations and legal proceedings are not likely to have such an effect. However, given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s net income or cash flows in particular quarterly or annual periods. Commitments Mortgage Loan Commitments The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $5.1 billion and $3.9 billion at September 30, 2015 and December 31, 2014 , respectively. Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments The Company commits to fund partnership investments and to lend funds under bank credit facilities, bridge loans and private corporate bond investments. The amounts of these unfunded commitments were $4.1 billion and $3.6 billion at September 30, 2015 and December 31, 2014 , respectively. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. Related Party Transactions Service Agreements The Company has entered into various agreements with affiliates for services necessary to conduct its activities. Typical services provided under these agreements include personnel, policy administrative functions and distribution services. For certain agreements, charges are based on various performance measures or activity-based costing. The bases for such charges are modified and adjusted by management when necessary or appropriate to reflect fairly and equitably the actual incidence of cost incurred by the Company and/or affiliate. Expenses and fees incurred with affiliates related to these agreements, recorded in other expenses, were $534 million and $1.6 billion for the three months and nine months ended September 30, 2015 , respectively, and $546 million and $1.7 billion for the three months and nine months ended September 30, 2014 , respectively. Revenues received from affiliates related to these agreements, recorded in universal life and investment-type product policy fees, were $34 million and $103 million for the three months and nine months ended September 30, 2015 , respectively, and $35 million and $96 million for the three months and nine months ended September 30, 2014 , respectively. Revenues received from affiliates related to these agreements, recorded in other revenues, were $38 million and $114 million for the three months and nine months ended September 30, 2015 , respectively, and $48 million and $127 million for the three months and nine months ended September 30, 2014 , respectively. The Company also entered into agreements with affiliates to provide additional services necessary to conduct the affiliates’ activities. Typical services provided under these agreements include management, policy administrative functions, investment advice and distribution services. Expenses incurred by the Company related to these agreements, included in other expenses, were $444 million and $1.2 billion for the three months and nine months ended September 30, 2015 , respectively, and $276 million and $1.3 billion for the three months and nine months ended September 30, 2014 , respectively, and were reimbursed to the Company by these affiliates. The Company had net payables to affiliates related to the items discussed above of $171 million and $169 million at September 30, 2015 and December 31, 2014 , respectively. See Notes 5 and 10 for additional information on related party transactions. Related Party Reinsurance Transactions The Company has reinsurance agreements with certain of MetLife, Inc.’s subsidiaries, including MetLife Insurance Company USA (“MetLife USA”), First MetLife Investors Insurance Company (“First MetLife”), MetLife Reinsurance Company of Charleston (“MRC”), MetLife Reinsurance Company of Vermont and Metropolitan Tower Life Insurance Company, all of which are related parties. Information regarding the significant effects of affiliated reinsurance included on the consolidated statements of operations and comprehensive income (loss) was as follows: Three Months Nine Months 2015 2014 2015 2014 (In millions) Premiums Reinsurance assumed $ 164 $ 146 $ 508 $ 515 Reinsurance ceded (9 ) (7 ) (28 ) (29 ) Net premiums $ 155 $ 139 $ 480 $ 486 Universal life and investment-type product policy fees Reinsurance assumed $ 20 $ 13 $ 46 $ 33 Reinsurance ceded (43 ) (94 ) (117 ) (231 ) Net universal life and investment-type product policy fees $ (23 ) $ (81 ) $ (71 ) $ (198 ) Other revenues Reinsurance assumed $ — $ (3 ) $ — $ — Reinsurance ceded 155 169 467 491 Net other revenues $ 155 $ 166 $ 467 $ 491 Policyholder benefits and claims Reinsurance assumed $ 164 $ 122 $ 484 $ 477 Reinsurance ceded (38 ) (49 ) (89 ) (124 ) Net policyholder benefits and claims $ 126 $ 73 $ 395 $ 353 Interest credited to policyholder account balances Reinsurance assumed $ 9 $ 8 $ 24 $ 25 Reinsurance ceded (23 ) (27 ) (67 ) (79 ) Net interest credited to policyholder account balances $ (14 ) $ (19 ) $ (43 ) $ (54 ) Other expenses Reinsurance assumed $ 53 $ 51 $ 169 $ 218 Reinsurance ceded 149 152 444 459 Net other expenses $ 202 $ 203 $ 613 $ 677 Information regarding the significant effects of affiliated reinsurance included on the consolidated balance sheets was as follows at: September 30, 2015 December 31, 2014 Assumed Ceded Assumed Ceded (In millions) Assets Premiums, reinsurance and other receivables $ 248 $ 15,513 $ 257 $ 15,453 Deferred policy acquisition costs and value of business acquired 425 (200 ) 370 (231 ) Total assets $ 673 $ 15,313 $ 627 $ 15,222 Liabilities Future policy benefits $ 1,347 $ (6 ) $ 1,146 $ — Policyholder account balances 353 — 288 — Other policy-related balances 197 44 264 32 Other liabilities 6,529 13,185 6,610 13,545 Total liabilities $ 8,426 $ 13,223 $ 8,308 $ 13,577 The Company ceded two blocks of business to two affiliates on a 75% coinsurance with funds withheld basis. Certain contractual features of these agreements qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company’s consolidated balance sheets. The embedded derivatives related to the funds withheld associated with these reinsurance agreements are included within other liabilities and increased the funds withheld balance by $11 million and $20 million at September 30, 2015 and December 31, 2014 , respectively. Net derivative gains (losses) associated with these embedded derivatives were less than $1 million and $10 million for the three months and nine months ended September 30, 2015 , respectively, and less than $1 million and ($36) million for the three months and nine months ended September 30, 2014 , respectively. The Company ceded risks to an affiliate related to guaranteed minimum benefit guarantees written directly by the Company. These ceded reinsurance agreements contain embedded derivatives and changes in their estimated fair value are also included within net derivative gains (losses). The embedded derivatives associated with the cessions are included within premiums, reinsurance and other receivables and were $760 million and $657 million at September 30, 2015 and December 31, 2014 , respectively. Net derivative gains (losses) associated with the embedded derivatives were $155 million and $98 million for the three months and nine months ended September 30, 2015 , respectively, and $218 million and $360 million for the three months and nine months ended September 30, 2014 , respectively. Certain contractual features of the closed block agreement with MRC create an embedded derivative, which is separately accounted for at estimated fair value on the Company’s consolidated balance sheets. The embedded derivative related to the funds withheld associated with this reinsurance agreement was included within other liabilities and increased the funds withheld balance by $843 million and $1.1 billion at September 30, 2015 and December 31, 2014 , respectively. Net derivative gains (losses) associated with the embedded derivative were ($5) million and $255 million for the three months and nine months ended September 30, 2015 , respectively, and $60 million and ($295) million for the three months and nine months ended September 30, 2014 , respectively. In January 2014, the Company entered into an agreement with MetLife USA which reinsured all existing New York insurance policies and annuity contracts that include a separate account feature. Certain contractual features of this agreement qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company's consolidated balance sheets. The embedded derivative related to this agreement is included within policyholder account balances and was $5 million and $4 million at September 30, 2015 and December 31, 2014 , respectively. Net derivative gains (losses) associated with the embedded derivative were less than ($1) million for both the three months and nine months ended September 30, 2015 and ($1) million and ($3) million for the three months and nine months ended September 30, 2014 , respectively. In November 2014, the Company entered into an agreement to assume 100% of certain variable annuities including guaranteed minimum benefit guarantees on a modified coinsurance basis from First MetLife. As a result of this reinsurance agreement, the significant effects to the Company were decreases in other liabilities of $238 million and $269 million at September 30, 2015 and December 31, 2014 , respectively. Certain contractual features of this agreement qualify as embedded derivatives, which are separately accounted for at estimated fair value on the Company's consolidated balance sheets. The embedded derivative related to this agreement is included within policyholder account balances and was $141 million and $68 million at September 30, 2015 and December 31, 2014 , respectively. Net derivative gains (losses) associated with the embedded derivative were ($86) million and ($74) million for the three months and nine months ended September 30, 2015 , respectively. The Company made a one-time payment of cash and cash equivalents to First MetLife of $218 million at December 31, 2014 . |
Business, Basis of Presentati20
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported in the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from estimates. |
Consolidation of Subsidiaries | Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity. The accompanying interim condensed consolidated financial statements include the accounts of Metropolitan Life Insurance Company and its subsidiaries, as well as partnerships and joint ventures in which the Company has control, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated. The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2014 consolidated balance sheet data was derived from audited consolidated financial statements included in Metropolitan Life Insurance Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2014 Annual Report. The Company uses the equity method of accounting for equity securities when it has significant influence or at least 20% interest and for real estate joint ventures and other limited partnership interests (“investees”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations, but does not have a controlling financial interest. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. The Company uses the cost method of accounting for investments in which it has virtually no influence over the investee’s operations. Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item. |
Investments | Maturities of Fixed Maturity Securities Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities not due at a single maturity date have been presented in the year of final contractual maturity. Structured securities (RMBS, ABS and CMBS) are shown separately, as they are not due at a single maturity. The Company defines delinquency consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans — 60 days and agricultural mortgage loans — 90 days. Past Due and Interest Accrual Status of Mortgage Loans Mortgage Loans Modified in a Troubled Debt Restructuring For a small portion of the mortgage loan portfolio, classified as troubled debt restructurings, concessions are granted related to borrowers experiencing financial difficulties. Generally, the types of concessions include: reduction of the contractual interest rate, extension of the maturity date at an interest rate lower than current market interest rates, and/or a reduction of accrued interest. The amount, timing and extent of the concession granted is considered in determining any impairment or changes in the specific valuation allowance. Variable Interest Entities The Company has invested in certain structured transactions (including consolidated securitization entities (“CSEs”)) that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity, an estimate of the entity’s expected losses and expected residual returns and the allocation of such estimates to each party involved in the entity. The Company generally uses a qualitative approach to determine whether it is the primary beneficiary. However, for VIEs that are investment companies or apply measurement principles consistent with those utilized by investment companies, the primary beneficiary is based on a risks and rewards model and is defined as the entity that will absorb a majority of a VIE’s expected losses, receive a majority of a VIE’s expected residual returns if no single entity absorbs a majority of expected losses, or both. The Company reassesses its involvement with VIEs on a quarterly basis. The use of different methodologies, assumptions and inputs in the determination of the primary beneficiary could have a material effect on the amounts presented within the consolidated financial statements. |
Derivatives | Freestanding Derivatives Freestanding derivatives are carried on the Company’s balance sheet either as assets within other invested assets or as liabilities within other liabilities at estimated fair value. The Company does not offset the estimated fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement. Accruals on derivatives are generally recorded in accrued investment income or within other liabilities. However, accruals that are not scheduled to settle within one year are included with the derivatives carrying value in other invested assets or other liabilities. If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are reported in net derivative gains (losses) except as follows: Statement of Operations Presentation: Derivative: Policyholder benefits and claims • Economic hedges of variable annuity guarantees included in future policy benefits Net investment income • Economic hedges of equity method investments in joint ventures • All derivatives held in relation to trading portfolios Hedge Accounting To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. Hedge designation and financial statement presentation of changes in estimated fair value of the hedging derivatives are as follows: • Fair value hedge (a hedge of the estimated fair value of a recognized asset or liability) - in net derivative gains (losses), consistent with the change in estimated fair value of the hedged item attributable to the designated risk being hedged. • Cash flow hedge (a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability) - effectiveness in OCI (deferred gains or losses on the derivative are reclassified into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item); ineffectiveness in net derivative gains (losses). The changes in estimated fair values of the hedging derivatives are exclusive of any accruals that are separately reported on the statement of operations within interest income or interest expense to match the location of the hedged item. In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. Assessments of hedge effectiveness and measurements of ineffectiveness are also subject to interpretation and estimation and different interpretations or estimates may have a material effect on the amount reported in net income. The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument. When hedge accounting is discontinued because it is determined that the derivative is not highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized in net derivative gains (losses). The carrying value of the hedged recognized asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in OCI related to discontinued cash flow hedges are released into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item. When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized currently in net derivative gains (losses). Deferred gains and losses of a derivative recorded in OCI pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in net derivative gains (losses). In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value on the balance sheet, with changes in its estimated fair value recognized in the current period as net derivative gains (losses). Embedded Derivatives The Company sells variable annuities and issues certain insurance products and investment contracts and is a party to certain reinsurance agreements that have embedded derivatives. The Company assesses each identified embedded derivative to determine whether it is required to be bifurcated. The embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative if: • the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in earnings; • the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and • a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument. Such embedded derivatives are carried on the balance sheet at estimated fair value with the host contract and changes in their estimated fair value are generally reported in net derivative gains (losses). If the Company is unable to properly identify and measure an embedded derivative for separation from its host contract, the entire contract is carried on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income. Additionally, the Company may elect to carry an entire contract on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income if that contract contains an embedded derivative that requires bifurcation. At inception, the Company attributes to the embedded derivative a portion of the projected future guarantee fees to be collected from the policyholder equal to the present value of projected future guaranteed benefits. Any additional fees represent “excess” fees and are reported in universal life and investment-type product policy fees. Derivatives are financial instruments with values derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”). The types of derivatives the Company uses include swaps, forwards, futures and option contracts. To a lesser extent, the Company uses credit default swaps and structured interest rate swaps to synthetically replicate investment risks and returns which are not readily available in the cash market. The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities; and (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities . The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities; (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities; (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments; (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments; and (v) interest rate forwards to hedge forecasted fixed-rate borrowings. The Company may be exposed to credit-related losses in the event of nonperformance by counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements. |
Employee Benefit Plans | The Company also provides certain postemployment benefits and certain postretirement medical and life insurance benefits for retired employees. Pension and Other Postretirement Benefit Plans The Company sponsors and administers various U.S. qualified and non-qualified defined benefit pension plans and other postretirement employee benefit plans covering employees and sales representatives who meet specified eligibility requirements. |
Closed Block | On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving Metropolitan Life Insurance Company’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, Metropolitan Life Insurance Company established a closed block for the benefit of holders of certain individual life insurance policies of Metropolitan Life Insurance Company. Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon cumulative actual and expected earnings within the closed block. Accordingly, the Company’s net income continues to be sensitive to the actual performance of the closed block. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Information, by Segment | Operating Results Three Months Ended September 30, 2015 Retail Group, Voluntary & Worksite Benefits Corporate Benefit Funding Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 1,007 $ 3,672 $ 1,551 $ 30 $ 6,260 $ — $ 6,260 Universal life and investment-type product policy fees 384 188 45 — 617 25 642 Net investment income 1,319 467 1,193 (73 ) 2,906 (109 ) 2,797 Other revenues 33 110 68 172 383 — 383 Net investment gains (losses) — — — — — 132 132 Net derivative gains (losses) — — — — — 558 558 Total revenues 2,743 4,437 2,857 129 10,166 606 10,772 Expenses Policyholder benefits and claims and policyholder dividends 1,646 3,507 2,073 21 7,247 (18 ) 7,229 Interest credited to policyholder account balances 239 38 268 — 545 2 547 Capitalization of DAC (113 ) (2 ) (1 ) (1 ) (117 ) — (117 ) Amortization of DAC and VOBA 191 7 5 1 204 99 303 Interest expense on debt 1 — 1 29 31 — 31 Other expenses 417 549 109 558 1,633 11 1,644 Total expenses 2,381 4,099 2,455 608 9,543 94 9,637 Provision for income tax expense (benefit) 107 127 140 314 688 179 867 Operating earnings $ 255 $ 211 $ 262 $ (793 ) (65 ) Adjustments to: Total revenues 606 Total expenses (94 ) Provision for income tax (expense) benefit (179 ) Income (loss) from continuing operations, net of income tax $ 268 $ 268 Operating Results Three Months Ended September 30, 2014 Retail Group, Voluntary & Worksite Benefits Corporate Benefit Funding Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 1,010 $ 3,606 $ 438 $ 33 $ 5,087 $ — $ 5,087 Universal life and investment-type product policy fees 377 180 51 — 608 15 623 Net investment income 1,358 455 1,229 66 3,108 (118 ) 2,990 Other revenues 97 101 69 173 440 — 440 Net investment gains (losses) — — — — — 163 163 Net derivative gains (losses) — — — — — 554 554 Total revenues 2,842 4,342 1,787 272 9,243 614 9,857 Expenses Policyholder benefits and claims and policyholder dividends 1,581 3,466 929 23 5,999 18 6,017 Interest credited to policyholder account balances 245 38 250 — 533 3 536 Capitalization of DAC (92 ) (4 ) (10 ) — (106 ) — (106 ) Amortization of DAC and VOBA 78 8 4 — 90 (2 ) 88 Interest expense on debt 1 — 3 34 38 — 38 Other expenses 460 533 131 301 1,425 19 1,444 Total expenses 2,273 4,041 1,307 358 7,979 38 8,017 Provision for income tax expense (benefit) 162 108 168 (103 ) 335 202 537 Operating earnings $ 407 $ 193 $ 312 $ 17 929 Adjustments to: Total revenues 614 Total expenses (38 ) Provision for income tax (expense) benefit (202 ) Income (loss) from continuing operations, net of income tax $ 1,303 $ 1,303 Operating Results Nine Months Ended September 30, 2015 Retail Group, Voluntary & Worksite Benefits Corporate Benefit Funding Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 3,017 $ 11,079 $ 2,281 $ 86 $ 16,463 $ — $ 16,463 Universal life and investment-type product policy fees 1,151 559 140 — 1,850 75 1,925 Net investment income 4,009 1,388 3,723 43 9,163 (341 ) 8,822 Other revenues 118 332 217 499 1,166 — 1,166 Net investment gains (losses) — — — — — 264 264 Net derivative gains (losses) — — — — — 827 827 Total revenues 8,295 13,358 6,361 628 28,642 825 29,467 Expenses Policyholder benefits and claims and policyholder dividends 4,860 10,561 3,837 65 19,323 12 19,335 Interest credited to policyholder account balances 713 113 798 — 1,624 4 1,628 Capitalization of DAC (324 ) (9 ) (11 ) (2 ) (346 ) — (346 ) Amortization of DAC and VOBA 463 23 16 1 503 92 595 Interest expense on debt 3 — 4 88 95 1 96 Other expenses 1,364 1,675 352 1,050 4,441 3 4,444 Total expenses 7,079 12,363 4,996 1,202 25,640 112 25,752 Provision for income tax expense (benefit) 371 370 475 124 1,340 249 1,589 Operating earnings $ 845 $ 625 $ 890 $ (698 ) 1,662 Adjustments to: Total revenues 825 Total expenses (112 ) Provision for income tax (expense) benefit (249 ) Income (loss) from continuing operations, net of income tax $ 2,126 $ 2,126 Operating Results Nine Months Ended September 30, 2014 Retail Group, Voluntary & Worksite Benefits Corporate Benefit Funding Corporate & Other Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 2,978 $ 10,863 $ 1,475 $ 99 $ 15,415 $ — $ 15,415 Universal life and investment-type product policy fees 1,092 538 145 — 1,775 31 1,806 Net investment income 4,099 1,341 3,569 269 9,278 (347 ) 8,931 Other revenues 273 310 214 506 1,303 — 1,303 Net investment gains (losses) — — — — — 74 74 Net derivative gains (losses) — — — — — 617 617 Total revenues 8,442 13,052 5,403 874 27,771 375 28,146 Expenses Policyholder benefits and claims and policyholder dividends 4,669 10,494 2,965 61 18,189 45 18,234 Interest credited to policyholder account balances 729 117 755 — 1,601 9 1,610 Capitalization of DAC (272 ) (12 ) (29 ) — (313 ) — (313 ) Amortization of DAC and VOBA 422 19 13 — 454 28 482 Interest expense on debt 3 — 8 102 113 1 114 Other expenses 1,112 1,600 367 891 3,970 19 3,989 Total expenses 6,663 12,218 4,079 1,054 24,014 102 24,116 Provision for income tax expense (benefit) 558 305 459 (269 ) 1,053 97 1,150 Operating earnings $ 1,221 $ 529 $ 865 $ 89 2,704 Adjustments to: Total revenues 375 Total expenses (102 ) Provision for income tax (expense) benefit (97 ) Income (loss) from continuing operations, net of income tax $ 2,880 $ 2,880 The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at: September 30, 2015 December 31, 2014 (In millions) Retail $ 176,960 $ 181,207 Group, Voluntary & Worksite Benefits 44,372 43,718 Corporate Benefit Funding 203,159 203,281 Corporate & Other 30,561 30,012 Total $ 455,052 $ 458,218 |
Insurance (Tables)
Insurance (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Insurance [Abstract] | |
Guarantees related to Annuity, Universal and Variable Life Contracts | Information regarding the types of guarantees relating to annuity contracts and universal and variable life contracts was as follows at: September 30, 2015 December 31, 2014 In the Event of Death At Annuitization In the Event of Death At Annuitization (In millions) Annuity Contracts (1) Variable Annuities Total contract account value $ 59,023 $ 27,428 $ 62,810 $ 29,474 Separate account value $ 47,342 $ 26,291 $ 51,077 $ 28,347 Net amount at risk $ 1,951 $ 408 $ 702 $ 244 Average attained age of contractholders 65 years 63 years 65 years 63 years Two Tier and Other Annuities Account value N/A $ 407 N/A $ 456 Net amount at risk N/A $ 145 N/A $ 153 Average attained age of contractholders N/A 56 years N/A 55 years September 30, 2015 December 31, 2014 Secondary Guarantees Paid-Up Guarantees Secondary Guarantees Paid-Up Guarantees (In millions) Universal and Variable Life Contracts (1) Account value (general and separate account) $ 8,043 $ 1,061 $ 8,213 $ 1,091 Net amount at risk $ 76,697 $ 7,784 $ 78,758 $ 8,164 Average attained age of policyholders 55 years 61 years 54 years 60 years __________________ (1) The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive. |
Closed Block (Tables)
Closed Block (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Closed Block Disclosure [Abstract] | |
Closed block liabilities and assets | Information regarding the closed block liabilities and assets designated to the closed block was as follow s at : September 30, 2015 December 31, 2014 (In millions) Closed Block Liabilities Future policy benefits $ 41,280 $ 41,667 Other policy-related balances 275 265 Policyholder dividends payable 498 461 Policyholder dividend obligation 2,309 3,155 Current income tax payable 29 1 Other liabilities 474 646 Total closed block liabilities 44,865 46,195 Assets Designated to the Closed Block Investments: Fixed maturity securities available-for-sale, at estimated fair value 27,739 29,199 Equity securities available-for-sale, at estimated fair value 94 91 Mortgage loans 6,122 6,076 Policy loans 4,641 4,646 Real estate and real estate joint ventures 601 666 Other invested assets 1,203 1,065 Total investments 40,400 41,743 Cash and cash equivalents 266 227 Accrued investment income 484 477 Premiums, reinsurance and other receivables 106 67 Deferred income tax assets 286 289 Total assets designated to the closed block 41,542 42,803 Excess of closed block liabilities over assets designated to the closed block 3,323 3,392 Amounts included in accumulated other comprehensive income (loss) (“AOCI”) Unrealized investment gains (losses), net of income tax 1,712 2,291 Unrealized gains (losses) on derivatives, net of income tax 63 28 Allocated to policyholder dividend obligation, net of income tax (1,501 ) (2,051 ) Total amounts included in AOCI 274 268 Maximum future earnings to be recognized from closed block assets and liabilities $ 3,597 $ 3,660 |
Closed block policyholder dividend obligation | Information regarding the closed block policyholder dividend obligation was as follows: Nine Months Year (In millions) Balance, beginning of period $ 3,155 $ 1,771 Change in unrealized investment and derivative gains (losses) (846 ) 1,384 Balance, end of period $ 2,309 $ 3,155 |
Closed block revenues and expenses | Information regarding the closed block revenues and expenses was as follows: Three Months Nine Months 2015 2014 2015 2014 (In millions) Revenues Premiums $ 447 $ 461 $ 1,334 $ 1,380 Net investment income 487 516 1,500 1,568 Net investment gains (losses) (9 ) — (8 ) 8 Net derivative gains (losses) 13 17 25 13 Total revenues 938 994 2,851 2,969 Expenses Policyholder benefits and claims 635 620 1,886 1,889 Policyholder dividends 273 255 757 731 Other expenses 36 39 109 118 Total expenses 944 914 2,752 2,738 Revenues, net of expenses before provision for income tax expense (benefit) (6 ) 80 99 231 Provision for income tax expense (benefit) (1 ) 28 36 81 Revenues, net of expenses and provision for income tax expense (benefit) $ (5 ) $ 52 $ 63 $ 150 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Fixed Maturity and Equity Securities Available-for-Sale | The following table presents the fixed maturity and equity securities available-for-sale (“AFS”) by sector. Redeemable preferred stock is reported within U.S. corporate and foreign corporate fixed maturity securities and non-redeemable preferred stock is reported within equity securities. Included within fixed maturity securities are structured securities including residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”) and commercial mortgage-backed securities (“CMBS”). September 30, 2015 December 31, 2014 Cost or Amortized Cost Gross Unrealized Estimated Fair Value Cost or Amortized Cost Gross Unrealized Estimated Fair Value Gains Temporary Losses OTTI Losses Gains Temporary Losses OTTI Losses (In millions) Fixed maturity securities U.S. corporate $ 58,717 $ 4,471 $ 1,105 $ 7 $ 62,076 $ 59,532 $ 6,246 $ 421 $ — $ 65,357 U.S. Treasury and agency 35,115 4,292 102 — 39,305 34,391 4,698 19 — 39,070 Foreign corporate 27,560 1,212 1,255 — 27,517 28,395 1,934 511 — 29,818 RMBS 24,280 1,247 184 42 25,301 26,893 1,493 157 66 28,163 ABS 6,701 58 118 — 6,641 8,206 102 82 — 8,226 CMBS 6,230 173 52 — 6,351 7,705 241 33 — 7,913 State and political subdivision 5,933 970 21 1 6,881 5,329 1,197 6 — 6,520 Foreign government 2,858 584 73 — 3,369 3,153 761 70 — 3,844 Total fixed maturity securities $ 167,394 $ 13,007 $ 2,910 $ 50 $ 177,441 $ 173,604 $ 16,672 $ 1,299 $ 66 $ 188,911 Equity securities Common stock $ 1,322 $ 48 $ 93 $ — $ 1,277 $ 1,236 $ 142 $ 26 $ — $ 1,352 Non-redeemable preferred stock 708 58 38 — 728 690 53 30 — 713 Total equity securities $ 2,030 $ 106 $ 131 $ — $ 2,005 $ 1,926 $ 195 $ 56 $ — $ 2,065 |
Available-for-sale fixed maturity securities by contractual maturity date | The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at September 30, 2015 : Due in One Year or Less Due After One Year Through Five Years Due After Five Years Through Ten Years Due After Ten Years Structured Securities Total Fixed Maturity Securities (In millions) Amortized cost $ 7,349 $ 35,814 $ 34,434 $ 52,586 $ 37,211 $ 167,394 Estimated fair value $ 7,320 $ 37,201 $ 35,446 $ 59,181 $ 38,293 $ 177,441 |
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | The following table presents the estimated fair value and gross unrealized losses of fixed maturity and equity securities AFS in an unrealized loss position, aggregated by sector and by length of time that the securities have been in a continuous unrealized loss position. September 30, 2015 December 31, 2014 Less than 12 Months Equal to or Greater than 12 Months Less than 12 Months Equal to or Greater than 12 Months Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions, except number of securities) Fixed maturity securities U.S. corporate $ 14,179 $ 854 $ 2,007 $ 258 $ 8,950 $ 260 $ 2,251 $ 161 U.S. Treasury and agency 1,723 101 254 1 3,933 6 982 13 Foreign corporate 9,290 793 2,443 462 7,052 397 1,165 114 RMBS 3,597 107 1,497 119 3,141 63 1,900 160 ABS 2,768 72 1,396 46 3,147 45 732 37 CMBS 999 25 452 27 772 20 461 13 State and political subdivision 581 18 15 4 26 — 76 6 Foreign government 657 58 86 15 327 32 265 38 Total fixed maturity securities $ 33,794 $ 2,028 $ 8,150 $ 932 $ 27,348 $ 823 $ 7,832 $ 542 Equity securities Common stock $ 261 $ 92 $ 8 $ 1 $ 98 $ 26 $ 1 $ — Non-redeemable preferred stock 66 2 133 36 32 — 139 30 Total equity securities $ 327 $ 94 $ 141 $ 37 $ 130 $ 26 $ 140 $ 30 Total number of securities in an unrealized loss position 3,501 643 1,997 642 |
Disclosure of Mortgage Loans Net of Valuation Allowance | Mortgage loans are summarized as follows at: September 30, 2015 December 31, 2014 Carrying Value % of Total Carrying Value % of Total (In millions) (In millions) Mortgage loans: Commercial $ 31,954 62.4 % $ 32,482 66.2 % Agricultural 11,291 22.0 11,033 22.5 Residential 7,934 15.5 5,494 11.2 Subtotal (1) 51,179 99.9 49,009 99.9 Valuation allowances (256 ) (0.5 ) (258 ) (0.5 ) Subtotal mortgage loans, net 50,923 99.4 48,751 99.4 Residential — fair value option (“FVO”) 315 0.6 308 0.6 Total mortgage loans, net $ 51,238 100.0 % $ 49,059 100.0 % __________________ (1) Purchases of mortgage loans were $821 million and $3.0 billion for the three months and nine months ended September 30, 2015 , respectively. Purchases of mortgage loans were $2.1 billion and $3.5 billion for the three months and nine months ended September 30, 2014 , respectively. |
Disclosure of mortgage loans held-for-investment and valuation allowances by method of evaluation for credit loss | Mortgage loans by portfolio segment, by method of evaluation of credit loss, impaired mortgage loans including those modified in a troubled debt restructuring, and the related valuation allowances, were as follows at: Evaluated Individually for Credit Losses Evaluated Collectively for Credit Losses Impaired Loans Impaired Loans with a Valuation Allowance Impaired Loans without a Valuation Allowance Unpaid Principal Balance Recorded Investment Valuation Unpaid Principal Balance Recorded Recorded Valuation Carrying (In millions) September 30, 2015 Commercial $ 7 $ 7 $ 7 $ 76 $ 76 $ 31,871 $ 159 $ 76 Agricultural 46 44 3 12 12 11,235 34 53 Residential — — — 118 109 7,825 53 109 Total $ 53 $ 51 $ 10 $ 206 $ 197 $ 50,931 $ 246 $ 238 December 31, 2014 Commercial $ 75 $ 75 $ 24 $ 84 $ 84 $ 32,323 $ 158 $ 135 Agricultural 47 45 2 14 13 10,975 33 56 Residential — — — 40 37 5,457 41 37 Total $ 122 $ 120 $ 26 $ 138 $ 134 $ 48,755 $ 232 $ 228 |
Allowance for Loan and Lease Losses, Provision for Loss, Net | The changes in the valuation allowance, by portfolio segment, were as follows: Nine Months 2015 2014 Commercial Agricultural Residential Total Commercial Agricultural Residential Total (In millions) Balance, beginning of period $ 182 $ 35 $ 41 $ 258 $ 213 $ 40 $ 19 $ 272 Provision (release) (4 ) 2 26 24 (3 ) (5 ) 25 17 Charge-offs, net of recoveries (12 ) — (14 ) (26 ) (23 ) (1 ) (3 ) (27 ) Balance, end of period $ 166 $ 37 $ 53 $ 256 $ 187 $ 34 $ 41 $ 262 |
Schedule of Financing Receivables, Non Accrual Status | The past due and accrual status of mortgage loans at recorded investment, prior to valuation allowances, by portfolio segment, were as follows at: Past Due Nonaccrual Status September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 (In millions) Commercial $ — $ — $ 7 $ 75 Agricultural 109 1 46 41 Residential 234 149 234 149 Total $ 343 $ 150 $ 287 $ 265 |
Components of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss) | The components of net unrealized investment gains (losses), included in AOCI, were as follows: September 30, 2015 December 31, 2014 (In millions) Fixed maturity securities $ 10,052 $ 15,374 Fixed maturity securities with noncredit OTTI losses in AOCI (50 ) (66 ) Total fixed maturity securities 10,002 15,308 Equity securities 26 173 Derivatives 2,058 1,649 Other 113 87 Subtotal 12,199 17,217 Amounts allocated from: Future policy benefits (11 ) (1,964 ) DAC and VOBA related to noncredit OTTI losses recognized in AOCI — (3 ) DAC, VOBA and DSI (661 ) (918 ) Policyholder dividend obligation (2,309 ) (3,155 ) Subtotal (2,981 ) (6,040 ) Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI 15 25 Deferred income tax benefit (expense) (3,226 ) (3,928 ) Net unrealized investment gains (losses) 6,007 7,274 Net unrealized investment gains (losses) attributable to noncontrolling interests (1 ) (1 ) Net unrealized investment gains (losses) attributable to Metropolitan Life Insurance Company $ 6,006 $ 7,273 The changes in net unrealized investment gains (losses) were as follows: Nine Months (In millions) Balance, beginning of period $ 7,273 Fixed maturity securities on which noncredit OTTI losses have been recognized 16 Unrealized investment gains (losses) during the period (5,034 ) Unrealized investment gains (losses) relating to: Future policy benefits 1,953 DAC and VOBA related to noncredit OTTI losses recognized in AOCI 3 DAC, VOBA and DSI 257 Policyholder dividend obligation 846 Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI (10 ) Deferred income tax benefit (expense) 702 Net unrealized investment gains (losses) 6,006 Net unrealized investment gains (losses) attributable to noncontrolling interests — Balance, end of period $ 6,006 Change in net unrealized investment gains (losses) $ (1,267 ) Change in net unrealized investment gains (losses) attributable to noncontrolling interests — Change in net unrealized investment gains (losses) attributable to Metropolitan Life Insurance Company $ (1,267 ) |
Other than temporary impairment, credit losses recognized earnings | The changes in fixed maturity securities with noncredit OTTI losses included in AOCI were as follows: Nine Months Year (In millions) Balance, beginning of period $ (66 ) $ (149 ) Noncredit OTTI losses and subsequent changes recognized 3 10 Securities sold with previous noncredit OTTI loss 92 41 Subsequent changes in estimated fair value (79 ) 32 Balance, end of period $ (50 ) $ (66 ) |
Securities Lending | Elements of the securities lending program are presented below at: September 30, 2015 December 31, 2014 (In millions) Securities on loan: (1) Amortized cost $ 16,147 $ 19,099 Estimated fair value $ 17,741 $ 21,185 Cash collateral on deposit from counterparties (2) $ 18,113 $ 21,635 Security collateral on deposit from counterparties (3) $ 67 $ 19 Reinvestment portfolio — estimated fair value $ 18,283 $ 22,046 __________________ (1) Included within fixed maturity securities and short-term investments. (2) Included within payables for collateral under securities loaned and other transactions. (3) Security collateral on deposit from counterparties may not be sold or re-pledged, unless the counterparty is in default, and is not reflected in the consolidated financial statements. The cash collateral liability by loaned security type and remaining tenor of the agreements were as follows at: September 30, 2015 Remaining Tenor of Securities Lending Agreements Open (1) 1 Month or Less 1 to 6 Months 6 Months to 1 Year Total % of Total (In millions) Cash collateral liability by loaned security type U.S. Treasury and agency $ 6,379 $ 7,524 $ 3,798 $ 280 $ 17,981 99.3 % Agency RMBS — 26 63 — 89 0.5 U.S. corporate 1 42 — — 43 0.2 Foreign corporate — — — — — — Foreign government — — — — — — Total $ 6,380 $ 7,592 $ 3,861 $ 280 $ 18,113 100.0 % December 31, 2014 Remaining Tenor of Securities Lending Agreements Open (1) 1 Month or Less 1 to 6 Months 6 Months to 1 Year Total % of Total (In millions) Cash collateral liability by loaned security type U.S. Treasury and agency $ 7,346 $ 7,401 $ 3,912 $ — $ 18,659 86.2 % Agency RMBS — 387 2,015 — 2,402 11.1 U.S. corporate 109 148 — — 257 1.2 Foreign corporate 152 89 — — 241 1.1 Foreign government 22 54 — — 76 0.4 Total $ 7,629 $ 8,079 $ 5,927 $ — $ 21,635 100.0 % _________________ (1) The related loaned security could be returned to the Company on the next business day which would require the Company to immediately return the cash collateral. |
Invested Assets on Deposit, Held in Trust and Pledged as Collateral | Invested assets on deposit and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value at: September 30, 2015 December 31, 2014 (In millions) Invested assets on deposit (regulatory deposits) $ 1,278 $ 1,421 Invested assets pledged as collateral (1) 20,172 20,712 Total invested assets on deposit and pledged as collateral $ 21,450 $ 22,133 __________________ (1) The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4 of the Notes to the Consolidated Financial Statements included in the 2014 Annual Report) and derivative transactions (see Note 6 ). |
The Components of Net Investment Income | The components of net investment income were as follows: Three Months Nine Months 2015 2014 2015 2014 (In millions) Investment income: Fixed maturity securities $ 1,918 $ 2,038 $ 5,992 $ 6,158 Equity securities 21 18 64 63 Trading and FVO securities — Actively Traded and FVO general account securities (1) (39 ) (10 ) (21 ) 25 Mortgage loans 623 631 1,871 1,782 Policy loans 105 112 324 336 Real estate and real estate joint ventures 190 187 599 556 Other limited partnership interests 169 194 485 575 Cash, cash equivalents and short-term investments 5 8 17 20 Operating joint venture — 1 6 — Other 25 22 154 37 Subtotal 3,017 3,201 9,491 9,552 Less: Investment expenses 220 211 670 622 Subtotal, net 2,797 2,990 8,821 8,930 FVO CSEs — interest income: Securities — — 1 1 Subtotal — — 1 1 Net investment income $ 2,797 $ 2,990 $ 8,822 $ 8,931 __________________ (1) Changes in estimated fair value subsequent to purchase for securities still held as of the end of the respective periods included in net investment income were ($39) million and ($47) million for the three months and nine months ended September 30, 2015 , respectively, and ($19) million and ($2) million for the three months and nine months ended September 30, 2014 , respectively. |
The components of net investment gains (losses) | The components of net investment gains (losses) were as follows: Three Months Nine Months 2015 2014 2015 2014 (In millions) Total gains (losses) on fixed maturity securities: Total OTTI losses recognized — by sector and industry: U.S. and foreign corporate securities — by industry: Consumer $ (9 ) $ — $ (12 ) $ (6 ) Total U.S. and foreign corporate securities (9 ) — (12 ) (6 ) RMBS — (11 ) (14 ) (18 ) State and political subdivision (1 ) — (1 ) — OTTI losses on fixed maturity securities recognized in earnings (10 ) (11 ) (27 ) (24 ) Fixed maturity securities — net gains (losses) on sales and disposals (65 ) — 50 (97 ) Total gains (losses) on fixed maturity securities (75 ) (11 ) 23 (121 ) Total gains (losses) on equity securities: Total OTTI losses recognized — by sector: Non-redeemable preferred stock — — — (15 ) Common stock (6 ) — (14 ) (4 ) OTTI losses on equity securities recognized in earnings (6 ) — (14 ) (19 ) Equity securities — net gains (losses) on sales and disposals 7 5 5 41 Total gains (losses) on equity securities 1 5 (9 ) 22 Trading and FVO securities — FVO general account securities — 1 — 1 Mortgage loans (26 ) (36 ) (70 ) (28 ) Other limited partnership interests (75 ) (13 ) (52 ) (47 ) Real estate and real estate joint ventures 206 80 214 153 Other investment portfolio gains (losses) 19 (15 ) 7 (12 ) Subtotal — investment portfolio gains (losses) 50 11 113 (32 ) FVO CSEs: Long-term debt — related to securities — — — (1 ) Non-investment portfolio gains (losses) 82 152 151 107 Subtotal FVO CSEs and non-investment portfolio gains (losses) 82 152 151 106 Total net investment gains (losses) $ 132 $ 163 $ 264 $ 74 |
Proceeds from sales or disposals of fixed maturity and equity securities and the components of fixed maturity and equity securities net investment gains and losses | Proceeds from sales or disposals of fixed maturity and equity securities and the components of fixed maturity and equity securities net investment gains (losses) were as shown in the tables below. Investment gains and losses on sales of securities are determined on a specific identification basis. Three Months 2015 2014 2015 2014 Fixed Maturity Securities Equity Securities (In millions) Proceeds $ 13,895 $ 11,083 $ 16 $ 50 Gross investment gains $ 74 $ 77 $ 9 $ 8 Gross investment losses (139 ) (77 ) (2 ) (3 ) OTTI losses (10 ) (11 ) (6 ) — Net investment gains (losses) $ (75 ) $ (11 ) $ 1 $ 5 Nine Months 2015 2014 2015 2014 Fixed Maturity Securities Equity Securities (In millions) Proceeds $ 45,974 $ 31,886 $ 44 $ 119 Gross investment gains $ 474 $ 182 $ 15 $ 45 Gross investment losses (424 ) (279 ) (10 ) (4 ) OTTI losses (27 ) (24 ) (14 ) (19 ) Net investment gains (losses) $ 23 $ (121 ) $ (9 ) $ 22 |
Rollforward of the Cumulative Credit Loss Component of OTTI income (loss) | The table below presents a rollforward of the cumulative credit loss component of OTTI loss recognized in earnings on fixed maturity securities still held for which a portion of the OTTI loss was recognized in other comprehensive income (loss) (“OCI”): Three Months Nine Months 2015 2014 2015 2014 (In millions) Balance, beginning of period $ 194 $ 268 $ 263 $ 277 Additions: Initial impairments — credit loss OTTI on securities not previously impaired — — 1 — Additional impairments — credit loss OTTI on securities previously impaired 1 8 12 13 Reductions: Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI (15 ) (8 ) (95 ) (22 ) Increase in cash flows — accretion of previous credit loss OTTI (1 ) — (2 ) — Balance, end of period $ 179 $ 268 $ 179 $ 268 |
Schedule of Invested Assets Transferred To and From Affiliates | The Company transfers invested assets, primarily consisting of fixed maturity securities and other invested assets, to and from affiliates. Invested assets transferred to and from affiliates were as follows: Three Months Nine Months 2015 2014 2015 2014 (In millions) Estimated fair value of invested assets transferred to affiliates $ — $ — $ 600 $ — Amortized cost of invested assets transferred to affiliates $ — $ — $ 567 $ — Net investment gains (losses) recognized on transfers $ — $ — $ 33 $ — Estimated fair value of invested assets transferred from affiliates $ 74 $ 437 $ 175 $ 882 |
Variable Interest Entity, Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities [Table Text Block] | The following table presents the total assets and total liabilities relating to VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at September 30, 2015 and December 31, 2014 . Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment. September 30, 2015 December 31, 2014 Total Assets Total Liabilities Total Assets Total Liabilities (In millions) Fixed maturity securities (1) $ 140 $ 66 $ 163 $ 78 Other invested assets 46 — 59 — Other limited partnership interests 29 — 37 — CSEs (assets (primarily loans) and liabilities (primarily debt)) (2) 14 14 16 15 Real estate joint ventures — — 9 15 Total $ 229 $ 80 $ 284 $ 108 __________________ (1) The Company consolidates certain fixed maturity securities purchased in an investment vehicle which was partially funded with affiliated long-term debt. The long-term debt bears interest primarily at variable rates, payable on a bi-annual basis. Interest expense related to these obligations, included in other expenses, was less than $1 million for both the three months ended September 30, 2015 and 2014, and $1 million for both the nine months ended September 30, 2015 and 2014. (2) The Company consolidates entities that are structured as collateralized debt obligations. The assets of these entities can only be used to settle their respective liabilities, and under no circumstances is the Company liable for any principal or interest shortfalls should any arise. The Company’s exposure was limited to that of its remaining investment in these entities of less than $1 million at estimated fair value at both September 30, 2015 and December 31, 2014 . The long-term debt bears interest primarily at variable rates, payable on a bi-annual basis. Interest expense related to these obligations, included in other expenses, was less than $1 million for both the three months ended September 30, 2015 and 2014 , and $1 million for both the nine months ended September 30, 2015 and 2014 . |
Variable Interest Entity, Not Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities [Table Text Block] | The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at: September 30, 2015 December 31, 2014 Carrying Amount Maximum Exposure to Loss (1) Carrying Amount Maximum Exposure to Loss (1) (In millions) Fixed maturity securities AFS: Structured securities (RMBS, ABS and CMBS) (2) $ 38,293 $ 38,293 $ 44,302 $ 44,302 U.S. and foreign corporate 1,671 1,671 1,919 1,919 Other limited partnership interests 3,374 4,371 3,722 4,833 Other invested assets 1,548 1,962 1,683 2,003 Real estate joint ventures 37 51 52 74 Total $ 44,923 $ 46,348 $ 51,678 $ 53,131 __________________ (1) The maximum exposure to loss relating to fixed maturity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests and real estate joint ventures is equal to the carrying amounts plus any unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties of $188 million and $212 million at September 30, 2015 and December 31, 2014 , respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee. (2) For these variable interests, the Company’s involvement is limited to that of a passive investor in mortgage-backed or ABS issued by trusts that do not have substantial equity. |
Commercial | |
Mortgage Loans on Real Estate [Line Items] | |
Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories | The credit quality of commercial mortgage loans was as follows at: Recorded Investment Estimated Fair Value % of Total Debt Service Coverage Ratios % of Total > 1.20x 1.00x - 1.20x < 1.00x Total (In millions) (In millions) September 30, 2015 Loan-to-value ratios Less than 65% $ 26,613 $ 838 $ 356 $ 27,807 87.0 % $ 28,956 87.5 % 65% to 75% 3,199 208 53 3,460 10.8 3,465 10.5 76% to 80% 47 — 8 55 0.2 55 0.2 Greater than 80% 188 233 211 632 2.0 599 1.8 Total $ 30,047 $ 1,279 $ 628 $ 31,954 100.0 % $ 33,075 100.0 % December 31, 2014 Loan-to-value ratios Less than 65% $ 26,810 $ 746 $ 761 $ 28,317 87.2 % $ 29,860 87.7 % 65% to 75% 2,783 391 86 3,260 10.0 3,322 9.8 76% to 80% 109 — 8 117 0.4 121 0.3 Greater than 80% 384 256 148 788 2.4 736 2.2 Total $ 30,086 $ 1,393 $ 1,003 $ 32,482 100.0 % $ 34,039 100.0 % |
Agricultural | |
Mortgage Loans on Real Estate [Line Items] | |
Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories | The credit quality of agricultural mortgage loans was as follows at: September 30, 2015 December 31, 2014 Recorded Investment % of Total Recorded Investment % of Total (In millions) (In millions) Loan-to-value ratios Less than 65% $ 10,695 94.7 % $ 10,462 94.8 % 65% to 75% 506 4.5 469 4.2 76% to 80% 22 0.2 17 0.2 Greater than 80% 68 0.6 85 0.8 Total $ 11,291 100.0 % $ 11,033 100.0 % |
Residential | |
Mortgage Loans on Real Estate [Line Items] | |
Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories | The credit quality of residential mortgage loans was as follows at: September 30, 2015 December 31, 2014 Recorded Investment % of Total Recorded Investment % of Total (In millions) (In millions) Performance indicators Performing $ 7,700 97.1 % $ 5,345 97.3 % Nonperforming 234 2.9 149 2.7 Total $ 7,934 100.0 % $ 5,494 100.0 % |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the gross notional amount, estimated fair value and primary underlying risk exposure of the Company’s derivatives, excluding embedded derivatives, held at: September 30, 2015 December 31, 2014 Primary Underlying Risk Exposure Gross Notional Amount Estimated Fair Value Gross Notional Amount Estimated Fair Value Assets Liabilities Assets Liabilities (In millions) Derivatives Designated as Hedging Instruments Fair value hedges: Interest rate swaps Interest rate $ 5,481 $ 2,255 $ 16 $ 5,632 $ 2,031 $ 18 Foreign currency swaps Foreign currency exchange rate 3,095 87 230 2,709 65 101 Subtotal 8,576 2,342 246 8,341 2,096 119 Cash flow hedges: Interest rate swaps Interest rate 2,195 471 — 2,191 447 — Interest rate forwards Interest rate 70 17 — 70 18 — Foreign currency swaps Foreign currency exchange rate 17,051 1,003 1,303 14,895 501 614 Subtotal 19,316 1,491 1,303 17,156 966 614 Total qualifying hedges 27,892 3,833 1,549 25,497 3,062 733 Derivatives Not Designated or Not Qualifying as Hedging Instruments Interest rate swaps Interest rate 52,829 2,653 1,408 56,394 2,213 1,072 Interest rate floors Interest rate 17,201 309 32 36,141 319 108 Interest rate caps Interest rate 43,006 46 2 41,227 134 1 Interest rate futures Interest rate 130 — — 70 — — Interest rate options Interest rate 6,910 549 4 6,399 379 15 Synthetic GICs Interest rate 4,223 — — 4,298 — — Foreign currency swaps Foreign currency exchange rate 8,140 488 130 8,774 359 176 Foreign currency forwards Foreign currency exchange rate 3,758 56 32 3,985 92 80 Currency futures Foreign currency exchange rate 1,547 — 1 — — — Credit default swaps — purchased Credit 1,091 27 7 857 8 11 Credit default swaps — written Credit 6,694 32 8 7,419 130 5 Equity futures Equity market 1,274 — 19 954 10 — Equity index options Equity market 7,444 375 326 7,698 328 352 Equity variance swaps Equity market 5,764 62 158 5,678 60 146 TRRs Equity market 959 62 2 911 10 33 Total non-designated or non-qualifying derivatives 160,970 4,659 2,129 180,805 4,042 1,999 Total $ 188,862 $ 8,492 $ 3,678 $ 206,302 $ 7,104 $ 2,732 The following table presents earned income on derivatives: Three Months Nine Months 2015 2014 2015 2014 (In millions) Qualifying hedges: Net investment income $ 57 $ 45 $ 164 $ 113 Interest credited to policyholder account balances 5 24 22 89 Non-qualifying hedges: Net investment income (1 ) (1 ) (3 ) (3 ) Net derivative gains (losses) 124 121 390 357 Policyholder benefits and claims 1 — 2 — Total $ 186 $ 189 $ 575 $ 556 |
Components of Net Derivatives Gains (Losses) | The components of net derivative gains (losses) were as follows: Three Months Nine Months 2015 2014 2015 2014 (In millions) Derivatives and hedging gains (losses) (1) $ 850 $ 296 $ 716 $ 634 Embedded derivatives gains (losses) (292 ) 258 111 (17 ) Total net derivative gains (losses) $ 558 $ 554 $ 827 $ 617 __________________ (1) Includes foreign currency transaction gains (losses) on hedged items in cash flow and non-qualifying hedging relationships, which are not presented elsewhere in this note. |
Amount and location of gains (losses) recognized in income for derivatives that are not designated or qualifying as hedging instruments | The following table presents the amount and location of gains (losses) recognized in income for derivatives that were not designated or qualifying as hedging instruments: Net Derivative Gains (Losses) Net Investment Income (1) Policyholder Benefits and Claims (2) (In millions) Three Months Ended September 30, 2015 Interest rate derivatives $ 493 $ — $ — Foreign currency exchange rate derivatives 258 — — Credit derivatives — purchased 15 3 — Credit derivatives — written (53 ) (1 ) — Equity derivatives 142 (1 ) 80 Total $ 855 $ 1 $ 80 Three Months Ended September 30, 2014 Interest rate derivatives $ (37 ) $ — $ — Foreign currency exchange rate derivatives 406 — — Credit derivatives — purchased 4 1 — Credit derivatives — written (26 ) — — Equity derivatives — (1 ) — Total $ 347 $ — $ — Nine Months Ended September 30, 2015 Interest rate derivatives $ 74 $ — $ — Foreign currency exchange rate derivatives 488 — — Credit derivatives — purchased 19 3 — Credit derivatives — written (76 ) — — Equity derivatives 58 (7 ) 49 Total $ 563 $ (4 ) $ 49 Nine Months Ended September 30, 2014 Interest rate derivatives $ 14 $ — $ — Foreign currency exchange rate derivatives 297 — — Credit derivatives — purchased (5 ) 1 — Credit derivatives — written (14 ) — — Equity derivatives — (7 ) — Total $ 292 $ (6 ) $ — __________________ (1) Changes in estimated fair value related to economic hedges of equity method investments in joint ventures and derivatives held in relation to trading portfolios. (2) Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits. |
Net derivatives gains (losses) recognized on fair value derivatives and the related hedged items | The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net derivative gains (losses). The following table presents the amount of such net derivative gains (losses): Derivatives in Fair Value Hedging Relationships Hedged Items in Fair Value Hedging Relationships Net Derivative Gains (Losses) Recognized for Derivatives Net Derivative Gains (Losses) Recognized for Hedged Items Ineffectiveness Recognized in Net Derivative Gains (Losses) (In millions) Three Months Ended September 30, 2015 Interest rate swaps: Fixed maturity securities $ (2 ) $ 1 $ (1 ) Policyholder liabilities (1) 277 (279 ) (2 ) Foreign currency swaps: Foreign-denominated fixed maturity securities 5 (3 ) 2 Foreign-denominated policyholder account balances (2) (47 ) 46 (1 ) Total $ 233 $ (235 ) $ (2 ) Three Months Ended September 30, 2014 Interest rate swaps: Fixed maturity securities $ 7 $ (7 ) $ — Policyholder liabilities (1) 39 (40 ) (1 ) Foreign currency swaps: Foreign-denominated fixed maturity securities 12 (11 ) 1 Foreign-denominated policyholder account balances (2) (135 ) 129 (6 ) Total $ (77 ) $ 71 $ (6 ) Nine Months Ended September 30, 2015 Interest rate swaps: Fixed maturity securities $ (2 ) $ 4 $ 2 Policyholder liabilities (1) 115 (121 ) (6 ) Foreign currency swaps: Foreign-denominated fixed maturity securities 12 (6 ) 6 Foreign-denominated policyholder account balances (2) (186 ) 179 (7 ) Total $ (61 ) $ 56 $ (5 ) Nine Months Ended September 30, 2014 Interest rate swaps: Fixed maturity securities $ 6 $ (4 ) $ 2 Policyholder liabilities (1) 370 (360 ) 10 Foreign currency swaps: Foreign-denominated fixed maturity securities 5 (4 ) 1 Foreign-denominated policyholder account balances (2) (161 ) 158 (3 ) Total $ 220 $ (210 ) $ 10 __________________ (1) Fixed rate liabilities reported in policyholder account balances or future policy benefits. (2) Fixed rate or floating rate liabilities. |
Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps | The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at: September 30, 2015 December 31, 2014 Rating Agency Designation of Referenced Credit Obligations (1) Estimated Fair Value of Credit Default Swaps Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) Estimated Fair Value of Credit Default Swaps Maximum Amount of Future Payments under Credit Default Swaps (2) Weighted Average Years to Maturity (3) (In millions) (In millions) Aaa/Aa/A Single name credit default swaps (corporate) $ 2 $ 280 2.1 $ 5 $ 415 2.2 Credit default swaps referencing indices 3 1,356 3.1 10 1,566 2.7 Subtotal 5 1,636 3.0 15 1,981 2.6 Baa Single name credit default swaps (corporate) 7 797 2.7 15 1,002 2.8 Credit default swaps referencing indices 12 3,512 5.0 59 3,687 4.5 Subtotal 19 4,309 4.6 74 4,689 4.1 Ba Single name credit default swaps (corporate) 1 60 2.2 — 60 3.0 Credit default swaps referencing indices (1 ) 100 1.2 (1 ) 100 2.0 Subtotal — 160 1.6 (1 ) 160 2.4 B Single name credit default swaps (corporate) — — — — — — Credit default swaps referencing indices — 589 5.1 37 589 4.9 Subtotal — 589 5.1 37 589 4.9 Total $ 24 $ 6,694 4.2 $ 125 $ 7,419 3.8 __________________ (1) The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used. (2) Assumes the value of the referenced credit obligations is zero. (3) The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts. |
Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral | The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at: September 30, 2015 December 31, 2014 Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement Assets Liabilities Assets Liabilities (In millions) Gross estimated fair value of derivatives: OTC-bilateral (1) $ 7,770 $ 2,797 $ 6,497 $ 2,092 OTC-cleared (1) 840 882 740 682 Exchange-traded — 20 10 — Total gross estimated fair value of derivatives (1) 8,610 3,699 7,247 2,774 Amounts offset on the consolidated balance sheets — — — — Estimated fair value of derivatives presented on the consolidated balance sheets (1) 8,610 3,699 7,247 2,774 Gross amounts not offset on the consolidated balance sheets: Gross estimated fair value of derivatives: (2) OTC-bilateral (2,266 ) (2,266 ) (1,742 ) (1,742 ) OTC-cleared (828 ) (828 ) (638 ) (638 ) Exchange-traded — — — — Cash collateral: (3), (4) OTC-bilateral (4,130 ) (3 ) (2,470 ) (2 ) OTC-cleared (12 ) (48 ) (97 ) (40 ) Exchange-traded — (14 ) — — Securities collateral: (5) OTC-bilateral (1,179 ) (525 ) (2,161 ) (333 ) OTC-cleared — — — (3 ) Exchange-traded — (5 ) — — Net amount after application of master netting agreements and collateral $ 195 $ 10 $ 139 $ 16 __________________ (1) At September 30, 2015 and December 31, 2014 , derivative assets included income or expense accruals reported in accrued investment income or in other liabilities of $118 million and $143 million , respectively, and derivative liabilities included income or expense accruals reported in accrued investment income or in other liabilities of $21 million and $42 million , respectively. (2) Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals. (3) Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. In certain instances, cash collateral pledged to the Company as initial margin for OTC-bilateral derivatives is held in separate custodial accounts and is not recorded on the Company’s balance sheet because the account title is in the name of the counterparty (but segregated for the benefit of the Company). The amount of this off-balance sheet collateral was $0 and $138 million at September 30, 2015 and December 31, 2014 , respectively. (4) The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At September 30, 2015 and December 31, 2014 , the Company received excess cash collateral of $3 million and $0 , respectively, and provided excess cash collateral of $26 million and $31 million , respectively, which is not included in the table above due to the foregoing limitation. (5) Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at September 30, 2015 none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At September 30, 2015 and December 31, 2014 , the Company received excess securities collateral with an estimated fair value of $46 million and $243 million , respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At September 30, 2015 and December 31, 2014 , the Company provided excess securities collateral with an estimated fair value of $85 million and $57 million , respectively, for its OTC-bilateral derivatives, and $194 million and $155 million , respectively, for its OTC-cleared derivatives, and $10 million and $17 million , respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation. |
Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral | The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at: September 30, 2015 December 31, 2014 Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement Assets Liabilities Assets Liabilities (In millions) Gross estimated fair value of derivatives: OTC-bilateral (1) $ 7,770 $ 2,797 $ 6,497 $ 2,092 OTC-cleared (1) 840 882 740 682 Exchange-traded — 20 10 — Total gross estimated fair value of derivatives (1) 8,610 3,699 7,247 2,774 Amounts offset on the consolidated balance sheets — — — — Estimated fair value of derivatives presented on the consolidated balance sheets (1) 8,610 3,699 7,247 2,774 Gross amounts not offset on the consolidated balance sheets: Gross estimated fair value of derivatives: (2) OTC-bilateral (2,266 ) (2,266 ) (1,742 ) (1,742 ) OTC-cleared (828 ) (828 ) (638 ) (638 ) Exchange-traded — — — — Cash collateral: (3), (4) OTC-bilateral (4,130 ) (3 ) (2,470 ) (2 ) OTC-cleared (12 ) (48 ) (97 ) (40 ) Exchange-traded — (14 ) — — Securities collateral: (5) OTC-bilateral (1,179 ) (525 ) (2,161 ) (333 ) OTC-cleared — — — (3 ) Exchange-traded — (5 ) — — Net amount after application of master netting agreements and collateral $ 195 $ 10 $ 139 $ 16 __________________ (1) At September 30, 2015 and December 31, 2014 , derivative assets included income or expense accruals reported in accrued investment income or in other liabilities of $118 million and $143 million , respectively, and derivative liabilities included income or expense accruals reported in accrued investment income or in other liabilities of $21 million and $42 million , respectively. (2) Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals. (3) Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. In certain instances, cash collateral pledged to the Company as initial margin for OTC-bilateral derivatives is held in separate custodial accounts and is not recorded on the Company’s balance sheet because the account title is in the name of the counterparty (but segregated for the benefit of the Company). The amount of this off-balance sheet collateral was $0 and $138 million at September 30, 2015 and December 31, 2014 , respectively. (4) The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At September 30, 2015 and December 31, 2014 , the Company received excess cash collateral of $3 million and $0 , respectively, and provided excess cash collateral of $26 million and $31 million , respectively, which is not included in the table above due to the foregoing limitation. (5) Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at September 30, 2015 none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At September 30, 2015 and December 31, 2014 , the Company received excess securities collateral with an estimated fair value of $46 million and $243 million , respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At September 30, 2015 and December 31, 2014 , the Company provided excess securities collateral with an estimated fair value of $85 million and $57 million , respectively, for its OTC-bilateral derivatives, and $194 million and $155 million , respectively, for its OTC-cleared derivatives, and $10 million and $17 million , respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation. |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the effects of derivatives in cash flow hedging relationships on the consolidated statements of operations and comprehensive income (loss) and the consolidated statements of equity: Derivatives in Cash Flow Hedging Relationships Amount of Gains (Losses) Deferred in AOCI on Derivatives Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss) Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives (Effective Portion) (Effective Portion) (Ineffective Portion) Net Derivative Gains (Losses) Net Investment Income Net Derivative Gains (Losses) (In millions) Three Months Ended September 30, 2015 Interest rate swaps $ 179 $ 39 $ 2 $ 1 Interest rate forwards 4 — 1 — Foreign currency swaps (91 ) (260 ) — 4 Credit forwards — — 1 — Total $ 92 $ (221 ) $ 4 $ 5 Three Months Ended September 30, 2014 Interest rate swaps $ 80 $ 1 $ 2 $ 5 Interest rate forwards 3 (10 ) 1 — Foreign currency swaps 7 (427 ) — 2 Credit forwards — — — — Total $ 90 $ (436 ) $ 3 $ 7 Nine Months Ended September 30, 2015 Interest rate swaps $ 96 $ 51 $ 8 $ 2 Interest rate forwards (1 ) 3 2 — Foreign currency swaps (158 ) (537 ) (1 ) 5 Credit forwards — 1 1 — Total $ (63 ) $ (482 ) $ 10 $ 7 Nine Months Ended September 30, 2014 Interest rate swaps $ 368 $ 28 $ 6 $ 5 Interest rate forwards 25 (9 ) 2 — Foreign currency swaps 55 (350 ) (1 ) 1 Credit forwards — — — — Total $ 448 $ (331 ) $ 7 $ 6 |
Schedule of Derivative Instruments | The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that are in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged. The table also presents the incremental collateral that the Company would be required to provide if there was a one notch downgrade in the Company’s financial strength rating at the reporting date or if the Company’s financial strength rating sustained a downgrade to a level that triggered full overnight collateralization or termination of the derivative position at the reporting date. OTC-bilateral derivatives that are not subject to collateral agreements are excluded from this table. Estimated Fair Value of Collateral Provided Fair Value of Incremental Collateral Provided Upon Estimated Fair Value of Derivatives in Net Liability Position (1) Fixed Maturity Securities Cash One Notch Downgrade in the Company’s Financial Strength Rating Downgrade in the Company’s Financial Strength Rating to a Level that Triggers Full Overnight Collateralization or Termination of the Derivative Position (In millions) September 30, 2015 Derivatives subject to financial strength-contingent provisions $ 526 $ 610 $ — $ — $ — Derivatives not subject to financial strength-contingent provisions 4 — 4 — — Total $ 530 $ 610 $ 4 $ — $ — December 31, 2014 Derivatives subject to financial strength-contingent provisions $ 334 $ 390 $ — $ — $ — Derivatives not subject to financial strength-contingent provisions 4 — 2 — — Total $ 338 $ 390 $ 2 $ — $ — __________________ (1) After taking into consideration the existence of netting agreements. |
Embedded Derivative Financial Instruments [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents changes in estimated fair value related to embedded derivatives: Three Months Nine Months 2015 2014 2015 2014 (In millions) Net derivative gains (losses) (1), (2) $ (292 ) $ 258 $ 111 $ (17 ) __________________ (1) The valuation of direct and assumed guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment were $37 million and $33 million for the three months and nine months ended September 30, 2015 , respectively, and $5 million for both the three months and nine months ended September 30, 2014 . In addition, the valuation of ceded guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment were ($11) million and ($8) million for the three months and nine months ended September 30, 2015 , respectively, and ($21) million and ($22) million for the three months and nine months ended September 30, 2014 , respectively. (2) See Note 13 for discussion of affiliated net derivative gains (losses). |
Schedule of Derivative Instruments | The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at: Balance Sheet Location September 30, 2015 December 31, 2014 (In millions) Net embedded derivatives within asset host contracts: Ceded guaranteed minimum benefits Premiums, reinsurance and other receivables $ 760 $ 657 Options embedded in debt or equity securities Investments (205 ) (150 ) Net embedded derivatives within asset host contracts $ 555 $ 507 Net embedded derivatives within liability host contracts: Direct guaranteed minimum benefits Policyholder account balances $ (147 ) $ (548 ) Assumed guaranteed minimum benefits Policyholder account balances 146 72 Funds withheld on ceded reinsurance Other liabilities 858 1,200 Other Policyholder account balances (1 ) 7 Net embedded derivatives within liability host contracts $ 856 $ 731 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Recurring Fair Value Measurements | The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below. September 30, 2015 Fair Value Hierarchy Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Fixed maturity securities: U.S. corporate $ — $ 57,217 $ 4,859 $ 62,076 U.S. Treasury and agency 21,255 18,033 17 39,305 Foreign corporate — 24,071 3,446 27,517 RMBS — 21,521 3,780 25,301 ABS — 5,486 1,155 6,641 CMBS — 6,062 289 6,351 State and political subdivision — 6,847 34 6,881 Foreign government — 3,222 147 3,369 Total fixed maturity securities 21,255 142,459 13,727 177,441 Equity securities: Common stock 481 705 91 1,277 Non-redeemable preferred stock — 486 242 728 Total equity securities 481 1,191 333 2,005 Trading and FVO securities: Actively Traded securities — 656 40 696 FVO general account securities — — 15 15 FVO securities held by CSEs — 4 10 14 Total trading and FVO securities — 660 65 725 Short-term investments (1) 1,837 5,530 568 7,935 Residential mortgage loans — FVO — — 315 315 Derivative assets: (2) Interest rate — 6,283 17 6,300 Foreign currency exchange rate — 1,621 13 1,634 Credit — 53 6 59 Equity market — 372 127 499 Total derivative assets — 8,329 163 8,492 Net embedded derivatives within asset host contracts (3) — — 760 760 Separate account assets (4) 23,054 111,782 1,518 136,354 Total assets $ 46,627 $ 269,951 $ 17,449 $ 334,027 Liabilities Derivative liabilities: (2) Interest rate $ — $ 1,461 $ 1 $ 1,462 Foreign currency exchange rate 1 1,693 2 1,696 Credit — 13 2 15 Equity market 19 325 161 505 Total derivative liabilities 20 3,492 166 3,678 Net embedded derivatives within liability host contracts (3) — 2 854 856 Long-term debt — 65 39 104 Long-term debt of CSEs — FVO — — 11 11 Trading liabilities (5) 164 34 2 200 Total liabilities $ 184 $ 3,593 $ 1,072 $ 4,849 December 31, 2014 Fair Value Hierarchy Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Fixed maturity securities: U.S. corporate $ — $ 60,420 $ 4,937 $ 65,357 U.S. Treasury and agency 21,625 17,445 — 39,070 Foreign corporate — 26,227 3,591 29,818 RMBS — 24,534 3,629 28,163 ABS — 6,734 1,492 8,226 CMBS — 7,464 449 7,913 State and political subdivision — 6,520 — 6,520 Foreign government — 3,642 202 3,844 Total fixed maturity securities 21,625 152,986 14,300 188,911 Equity securities: Common stock 584 716 52 1,352 Non-redeemable preferred stock — 550 163 713 Total equity securities 584 1,266 215 2,065 Trading and FVO securities: Actively Traded securities 22 627 5 654 FVO general account securities — 22 14 36 FVO securities held by CSEs — 3 12 15 Total trading and FVO securities 22 652 31 705 Short-term investments (1) 860 3,091 230 4,181 Residential mortgage loans — FVO — — 308 308 Derivative assets: (2) Interest rate — 5,524 17 5,541 Foreign currency exchange rate — 1,010 7 1,017 Credit — 125 13 138 Equity market 10 279 119 408 Total derivative assets 10 6,938 156 7,104 Net embedded derivatives within asset host contracts (3) — — 657 657 Separate account assets (4) 26,119 111,601 1,615 139,335 Total assets $ 49,220 $ 276,534 $ 17,512 $ 343,266 Liabilities Derivative liabilities: (2) Interest rate $ — $ 1,214 $ — $ 1,214 Foreign currency exchange rate — 971 — 971 Credit — 15 1 16 Equity market — 382 149 531 Total derivative liabilities — 2,582 150 2,732 Net embedded derivatives within liability host contracts (3) — 7 724 731 Long-term debt — 82 35 117 Long-term debt of CSEs — FVO — — 13 13 Trading liabilities (5) 215 24 — 239 Total liabilities $ 215 $ 2,695 $ 922 $ 3,832 __________________ (1) Short-term investments as presented in the tables above differ from the amounts presented on the consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis. (2) Derivative assets are presented within other invested assets on the consolidated balance sheets and derivative liabilities are presented within other liabilities on the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables. (3) Net embedded derivatives within asset host contracts are presented primarily within premiums, reinsurance and other receivables on the consolidated balance sheets. Net embedded derivatives within liability host contracts are presented within policyholder account balances and other liabilities on the consolidated balance sheets. At September 30, 2015 and December 31, 2014 , debt and equity securities also included embedded derivatives of ($205) million and ($150) million , respectively. (4) Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. (5) Trading liabilities are presented within other liabilities on the consolidated balance sheets. |
Fair Value Inputs, Quantitative Information | The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at: September 30, 2015 December 31, 2014 Impact of Valuation Techniques Significant Unobservable Inputs Range Weighted Average (1) Range Weighted Average (1) Fixed maturity securities (3) U.S. corporate and foreign corporate • Matrix pricing • Delta spread adjustments (4) (40) - 240 38 (40) - 240 39 Decrease • Offered quotes (5) 38 - 100 98 64 - 130 96 Increase • Market pricing • Quoted prices (5) 1 - 415 121 — - 590 126 Increase • Consensus pricing • Offered quotes (5) 100 - 119 102 98 - 126 101 Increase RMBS • Market pricing • Quoted prices (5) 22 - 120 93 22 - 120 97 Increase (6) ABS • Market pricing • Quoted prices (5) 15 - 102 100 15 - 110 100 Increase (6) • Consensus pricing • Offered quotes (5) 97 - 106 100 56 - 106 98 Increase (6) Derivatives Interest rate • Present value techniques • Swap yield (7) 293 - 583 290 - 290 Increase (11) Foreign currency exchange rate • Present value techniques • Correlation (8) — - — 40% - 55% Increase (11) Credit • Present value techniques • Credit spreads (9) 99 - 100 98 - 100 Decrease (9) • Consensus pricing • Offered quotes (10) Equity market • Present value techniques or option pricing models • Volatility (12) 23% - 33% 15% - 27% Increase (11) • Correlation (8) 70% - 70% 70% - 70% Embedded derivatives Direct and ceded guaranteed minimum benefits • Option pricing techniques • Mortality rates: Ages 0 - 40 0% - 0.09% 0% - 0.10% Decrease (13) Ages 41 - 60 0.04% - 0.65% 0.04% - 0.65% Decrease (13) Ages 61 - 115 0.26% - 100% 0.26% - 100% Decrease (13) • Lapse rates: Durations 1 - 10 0.25% - 100% 0.50% - 100% Decrease (14) Durations 11 - 20 3% - 100% 3% - 100% Decrease (14) Durations 21 - 116 3% - 100% 3% - 100% Decrease (14) • Utilization rates 0% - 25% 20% - 50% Increase (15) • Withdrawal rates 0.25% - 10% 0.07% - 10% (16) • Long-term equity volatilities 17.40% - 25% 17.40% - 25% Increase (17) • Nonperformance risk spread 0.05% - 0.56% 0.03% - 0.46% Decrease (18) _______________ (1) The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities. (2) The impact of a decrease in input would have the opposite impact on the estimated fair value. For embedded derivatives, changes to direct guaranteed minimum benefits are based on liability positions and changes to ceded guaranteed minimum benefits are based on asset positions. (3) Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations. (4) Range and weighted average are presented in basis points. (5) Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par. (6) Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates. (7) Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curve is utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation. (8) Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations. (9) Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps. (10) At both September 30, 2015 and December 31, 2014 , independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value. (11) Changes are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions. (12) Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation. (13) Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (14) Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value, as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (15) The utilization rate assumption estimates the percentage of contract holders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (16) The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value. (17) Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (18) Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative. |
Fair Value Inputs, Quantitative Information | The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at: September 30, 2015 December 31, 2014 Impact of Valuation Techniques Significant Unobservable Inputs Range Weighted Average (1) Range Weighted Average (1) Fixed maturity securities (3) U.S. corporate and foreign corporate • Matrix pricing • Delta spread adjustments (4) (40) - 240 38 (40) - 240 39 Decrease • Offered quotes (5) 38 - 100 98 64 - 130 96 Increase • Market pricing • Quoted prices (5) 1 - 415 121 — - 590 126 Increase • Consensus pricing • Offered quotes (5) 100 - 119 102 98 - 126 101 Increase RMBS • Market pricing • Quoted prices (5) 22 - 120 93 22 - 120 97 Increase (6) ABS • Market pricing • Quoted prices (5) 15 - 102 100 15 - 110 100 Increase (6) • Consensus pricing • Offered quotes (5) 97 - 106 100 56 - 106 98 Increase (6) Derivatives Interest rate • Present value techniques • Swap yield (7) 293 - 583 290 - 290 Increase (11) Foreign currency exchange rate • Present value techniques • Correlation (8) — - — 40% - 55% Increase (11) Credit • Present value techniques • Credit spreads (9) 99 - 100 98 - 100 Decrease (9) • Consensus pricing • Offered quotes (10) Equity market • Present value techniques or option pricing models • Volatility (12) 23% - 33% 15% - 27% Increase (11) • Correlation (8) 70% - 70% 70% - 70% Embedded derivatives Direct and ceded guaranteed minimum benefits • Option pricing techniques • Mortality rates: Ages 0 - 40 0% - 0.09% 0% - 0.10% Decrease (13) Ages 41 - 60 0.04% - 0.65% 0.04% - 0.65% Decrease (13) Ages 61 - 115 0.26% - 100% 0.26% - 100% Decrease (13) • Lapse rates: Durations 1 - 10 0.25% - 100% 0.50% - 100% Decrease (14) Durations 11 - 20 3% - 100% 3% - 100% Decrease (14) Durations 21 - 116 3% - 100% 3% - 100% Decrease (14) • Utilization rates 0% - 25% 20% - 50% Increase (15) • Withdrawal rates 0.25% - 10% 0.07% - 10% (16) • Long-term equity volatilities 17.40% - 25% 17.40% - 25% Increase (17) • Nonperformance risk spread 0.05% - 0.56% 0.03% - 0.46% Decrease (18) _______________ (1) The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities. (2) The impact of a decrease in input would have the opposite impact on the estimated fair value. For embedded derivatives, changes to direct guaranteed minimum benefits are based on liability positions and changes to ceded guaranteed minimum benefits are based on asset positions. (3) Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations. (4) Range and weighted average are presented in basis points. (5) Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par. (6) Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates. (7) Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curve is utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation. (8) Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations. (9) Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps. (10) At both September 30, 2015 and December 31, 2014 , independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value. (11) Changes are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions. (12) Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation. (13) Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (14) Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value, as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (15) The utilization rate assumption estimates the percentage of contract holders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (16) The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value. (17) Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (18) Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative. |
Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables summarize the change of all assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed Maturity Securities U.S. Corporate U.S. Treasury and Agency Foreign Corporate RMBS ABS CMBS State and Political Subdivision Foreign Government (In millions) Three Months Ended September 30, 2015 Balance, beginning of period $ 5,039 $ 30 $ 3,508 $ 3,072 $ 961 $ 326 $ 48 $ 165 Total realized/unrealized gains (losses) included in: Net income (loss): (1), (2) Net investment income 1 — — 26 — — — 1 Net investment gains (losses) 9 — — (3 ) — — — — Net derivative gains (losses) — — — — — — — — OCI (34 ) — (130 ) (32 ) (1 ) (1 ) 1 (1 ) Purchases (3) 517 — 82 872 392 3 15 — Sales (3) (268 ) (1 ) (26 ) (211 ) (23 ) (36 ) — — Issuances (3) — — — — — — — — Settlements (3) — — — — — — — — Transfers into Level 3 (4) 367 18 118 273 — — — — Transfers out of Level 3 (4) (772 ) (30 ) (106 ) (217 ) (174 ) (3 ) (30 ) (18 ) Balance, end of period $ 4,859 $ 17 $ 3,446 $ 3,780 $ 1,155 $ 289 $ 34 $ 147 Changes in unrealized gains (losses) included in net income (loss): (5) Net investment income $ 1 $ — $ — $ 26 $ 1 $ — $ — $ 1 Net investment gains (losses) $ — $ — $ — $ — $ — $ — $ — $ — Net derivative gains (losses) $ — $ — $ — $ — $ — $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Equity Securities Trading and FVO Securities Common Stock Non- redeemable Preferred Stock Actively Traded Securities FVO FVO Securities Held by CSEs Short-term Investments Residential Mortgage Loans - FVO (In millions) Three Months Ended September 30, 2015 Balance, beginning of period $ 94 $ 251 $ 13 $ 15 $ 10 $ 933 $ 345 Total realized/unrealized gains (losses) included in: Net income (loss): (1), (2) Net investment income — — — — — — (2 ) Net investment gains (losses) 8 (2 ) — — — — — Net derivative gains (losses) — — — — — — — OCI (11 ) (5 ) — — — — — Purchases (3) 12 — 32 — — 557 18 Sales (3) (12 ) — — — — (1 ) (37 ) Issuances (3) — — — — — — — Settlements (3) — — — — — — (9 ) Transfers into Level 3 (4) — — — — — — — Transfers out of Level 3 (4) — (2 ) (5 ) — — (921 ) — Balance, end of period $ 91 $ 242 $ 40 $ 15 $ 10 $ 568 $ 315 Changes in unrealized gains (losses) included in net income (loss):(5) Net investment income $ — $ — $ — $ — $ — $ — $ (2 ) Net investment gains (losses) $ — $ — $ — $ — $ — $ — $ — Net derivative gains (losses) $ — $ — $ — $ — $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Net Derivatives (6) Interest Rate Foreign Currency Exchange Rate Credit Equity Market Net Embedded Derivatives (7) Separate Account Assets (8) Long-term Debt Long-term Debt of CSEs — FVO Trading Liabilities (In millions) Three Months Ended September 30, 2015 Balance, beginning of period $ 12 $ 8 $ 8 $ (23 ) $ 253 $ 1,563 $ (25 ) $ (12 ) $ (4 ) Total realized/unrealized gains (losses) included in: Net income (loss): (1), (2) Net investment income — — — — — — — — — Net investment gains (losses) — — — — — 25 — — — Net derivative gains (losses) — 4 (4 ) (11 ) (295 ) — — — — OCI 5 — — — — — — — — Purchases (3) — — — — — 81 — — (2 ) Sales (3) — — — — — (34 ) — — — Issuances (3) (1 ) — — — — — (38 ) — — Settlements (3) — (1 ) — — (52 ) — 24 1 — Transfers into Level 3 (4) — — — — — 1 — — — Transfers out of Level 3 (4) — — — — — (118 ) — — 4 Balance, end of period $ 16 $ 11 $ 4 $ (34 ) $ (94 ) $ 1,518 $ (39 ) $ (11 ) $ (2 ) Changes in unrealized gains (losses) included in net income (loss): (5) Net investment income $ — $ — $ — $ — $ — $ — $ — $ — $ — Net investment gains (losses) $ — $ — $ — $ — $ — $ — $ — $ — $ — Net derivative gains (losses) $ — $ 4 $ (4 ) $ (11 ) $ (291 ) $ — $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed Maturity Securities U.S. Corporate U.S. Treasury and Agency Foreign Corporate RMBS ABS CMBS State and Political Subdivision Foreign Government (In millions) Three Months Ended September 30, 2014 Balance, beginning of period $ 5,253 $ 320 $ 3,336 $ 3,347 $ 2,302 $ 314 $ 2 $ 154 Total realized/unrealized gains (losses) included in: Net income (loss): (1), (2) Net investment income 1 — — 9 1 — — — Net investment gains (losses) (2 ) — (5 ) — — — — — Net derivative gains (losses) — — — — — — — — OCI (1 ) — (111 ) 22 1 1 — 3 Purchases (3) 482 — 274 610 729 38 — 5 Sales (3) (158 ) — (74 ) (311 ) (156 ) (43 ) — (1 ) Issuances (3) — — — — — — — — Settlements (3) — — — — — — — — Transfers into Level 3 (4) 7 — 69 — 69 22 — 39 Transfers out of Level 3 (4) (265 ) (320 ) (285 ) (341 ) (710 ) (13 ) — (2 ) Balance, end of period $ 5,317 $ — $ 3,204 $ 3,336 $ 2,236 $ 319 $ 2 $ 198 Changes in unrealized gains (losses) included in net income (loss): (5) Net investment income $ — $ — $ 1 $ 9 $ 1 $ — $ — $ — Net investment gains (losses) $ — $ — $ — $ — $ — $ — $ — $ — Net derivative gains (losses) $ — $ — $ — $ — $ — $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Equity Securities Trading and FVO Securities Common Stock Non- redeemable Preferred Stock Actively Traded Securities FVO FVO Securities Held by CSEs Short-term Investments Residential Mortgage Loans - FVO (In millions) Three Months Ended September 30, 2014 Balance, beginning of period $ 97 $ 166 $ 20 $ 14 $ 11 $ 222 $ 367 Total realized/unrealized gains (losses) included in: Net income (loss): (1), (2) Net investment income — — — — — — 4 Net investment gains (losses) — — — — — — — Net derivative gains (losses) — — — — — — — OCI (35 ) (1 ) — — — — — Purchases (3) 2 — 3 — — 98 3 Sales (3) (9 ) — (15 ) — — (125 ) (63 ) Issuances (3) — — — — — — — Settlements (3) — — — — — — (13 ) Transfers into Level 3 (4) — — — — 1 — — Transfers out of Level 3 (4) — — — — — (75 ) — Balance, end of period $ 55 $ 165 $ 8 $ 14 $ 12 $ 120 $ 298 Changes in unrealized gains (losses) included in net income (loss): (5) Net investment income $ — $ — $ — $ — $ — $ — $ 4 Net investment gains (losses) $ — $ — $ — $ — $ — $ — $ — Net derivative gains (losses) $ — $ — $ — $ — $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Net Derivatives (6) Interest Rate Foreign Currency Exchange Rate Credit Equity Market Net Separate Account Assets (8) Long-term Debt Long-term Trading Liabilities (In millions) Three Months Ended September 30, 2014 Balance, beginning of period $ 13 $ 15 $ 15 $ — $ (168 ) $ 1,441 $ (23 ) $ (15 ) $ — Total realized/unrealized gains (losses) included in: Net income (loss): (1), (2) Net investment income — — — — — — — — — Net investment gains (losses) — — — — — 33 — (1 ) — Net derivative gains (losses) (9 ) (2 ) (6 ) — 262 — — — — OCI 13 — — — — — — — — Purchases (3) — — — — — 98 — — — Sales (3) — — — — — (127 ) — — — Issuances (3) (1 ) — (1 ) — — 1 — — — Settlements (3) 4 (1 ) — — 11 — 3 1 — Transfers into Level 3 (4) — — — — — 215 — — — Transfers out of Level 3 (4) — — — — — (38 ) — — — Balance, end of period $ 20 $ 12 $ 8 $ — $ 105 $ 1,623 $ (20 ) $ (15 ) $ — Changes in unrealized gains (losses) included in net income (loss): (5) Net investment income $ — $ — $ — $ — $ — $ — $ — $ — $ — Net investment gains (losses) $ — $ — $ — $ — $ — $ — $ — $ (1 ) $ — Net derivative gains (losses) $ — $ (3 ) $ (5 ) $ — $ 267 $ — $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed Maturity Securities U.S. Corporate U.S. Treasury and Agency Foreign Corporate RMBS ABS CMBS State and Political Subdivision Foreign Government (In millions) Nine Months Ended September 30, 2015 Balance, beginning of period $ 4,937 $ — $ 3,591 $ 3,629 $ 1,492 $ 449 $ — $ 202 Total realized/unrealized gains (losses) included in: Net income (loss): (1), (2) Net investment income 3 — 3 74 2 — — 1 Net investment gains (losses) 26 — (1 ) — (3 ) — — — Net derivative gains (losses) — — — — — — — — OCI (211 ) (1 ) (244 ) (27 ) (13 ) (7 ) 1 9 Purchases (3) 864 — 226 1,206 543 3 33 — Sales (3) (554 ) (1 ) (144 ) (674 ) (218 ) (133 ) — — Issuances (3) — — — — — — — — Settlements (3) — — — — — — — — Transfers into Level 3 (4) 478 19 114 263 12 15 — — Transfers out of Level 3 (4) (684 ) — (99 ) (691 ) (660 ) (38 ) — (65 ) Balance, end of period $ 4,859 $ 17 $ 3,446 $ 3,780 $ 1,155 $ 289 $ 34 $ 147 Changes in unrealized gains (losses) included in net income (loss): (5) Net investment income $ 3 $ — $ — $ 74 $ 1 $ — $ — $ 1 Net investment gains (losses) $ — $ — $ — $ (1 ) $ — $ — $ — $ — Net derivative gains (losses) $ — $ — $ — $ — $ — $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Equity Securities Trading and FVO Securities Common Stock Non- redeemable Preferred Stock Actively Traded Securities FVO FVO Securities Held by CSEs Short-term Investments Residential Mortgage Loans - FVO (In millions) Nine Months Ended September 30, 2015 Balance, beginning of period $ 52 $ 163 $ 5 $ 14 $ 12 $ 230 $ 308 Total realized/unrealized gains (losses) included in: Net income (loss): (1), (2) Net investment income — — — 1 — — 18 Net investment gains (losses) 8 (1 ) — — — — — Net derivative gains (losses) — — — — — — — OCI (11 ) (9 ) — — — — — Purchases (3) 55 3 35 — — 569 114 Sales (3) (14 ) (1 ) — — (1 ) (1 ) (100 ) Issuances (3) — — — — — — — Settlements (3) — — — — — — (25 ) Transfers into Level 3 (4) 1 87 — — — — — Transfers out of Level 3 (4) — — — — (1 ) (230 ) — Balance, end of period $ 91 $ 242 $ 40 $ 15 $ 10 $ 568 $ 315 Changes in unrealized gains (losses) included in net income (loss):(5) Net investment income $ — $ — $ — $ 1 $ — $ — $ 18 Net investment gains (losses) $ — $ — $ — $ — $ — $ — $ — Net derivative gains (losses) $ — $ — $ — $ — $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Net Derivatives (6) Interest Rate Foreign Currency Exchange Rate Credit Equity Market Net Embedded Derivatives (7) Separate Account Assets (8) Long-term Debt Long-term Debt of CSEs — FVO Trading Liabilities (In millions) Nine Months Ended September 30, 2015 Balance, beginning of period $ 17 $ 7 $ 12 $ (30 ) $ (67 ) $ 1,615 $ (35 ) $ (13 ) $ — Total realized/unrealized gains (losses) included in: Net income (loss): (1), (2) Net investment income — — — — — — — — — Net investment gains (losses) — — — — — 5 — — — Net derivative gains (losses) — 5 (8 ) (4 ) 117 — — — — OCI — — — — — — — — — Purchases (3) — — — — — 196 — — (2 ) Sales (3) — — — — — (144 ) — — — Issuances (3) (1 ) — — — — — (38 ) — — Settlements (3) — (1 ) — — (144 ) (2 ) 34 2 — Transfers into Level 3 (4) — — — — — 3 — — — Transfers out of Level 3 (4) — — — — — (155 ) — — — Balance, end of period $ 16 $ 11 $ 4 $ (34 ) $ (94 ) $ 1,518 $ (39 ) $ (11 ) $ (2 ) Changes in unrealized gains (losses) included in net income (loss): (5) Net investment income $ — $ — $ — $ — $ — $ — $ — $ — $ — Net investment gains (losses) $ — $ — $ — $ — $ — $ — $ — $ — $ — Net derivative gains (losses) $ — $ 5 $ (5 ) $ (4 ) $ 128 $ — $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed Maturity Securities U.S. Corporate U.S. Treasury and Agency Foreign Corporate RMBS ABS CMBS State and Political Subdivision Foreign Government (In millions) Nine Months Ended September 30, 2014 Balance, beginning of period $ 5,269 $ 62 $ 3,198 $ 2,513 $ 2,526 $ 430 $ — $ 274 Total realized/unrealized gains (losses) included in: Net income (loss): (1), (2) Net investment income 1 — 2 30 5 — — — Net investment gains (losses) (5 ) — (4 ) 6 (41 ) — — — Net derivative gains (losses) — — — — — — — — OCI 211 — 56 78 50 4 — 2 Purchases (3) 858 — 431 1,033 1,665 49 — 5 Sales (3) (638 ) — (160 ) (387 ) (479 ) (59 ) — (9 ) Issuances (3) — — — — — — — — Settlements (3) — — — — — — — — Transfers into Level 3 (4) 94 — 72 132 36 25 2 — Transfers out of Level 3 (4) (473 ) (62 ) (391 ) (69 ) (1,526 ) (130 ) — (74 ) Balance, end of period $ 5,317 $ — $ 3,204 $ 3,336 $ 2,236 $ 319 $ 2 $ 198 Changes in unrealized gains (losses) included in net income (loss): (5) Net investment income $ (1 ) $ — $ 1 $ 31 $ 1 $ (1 ) $ — $ — Net investment gains (losses) $ (6 ) $ — $ — $ — $ — $ — $ — $ — Net derivative gains (losses) $ — $ — $ — $ — $ — $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Equity Securities Trading and FVO Securities Common Stock Non- redeemable Preferred Stock Actively Traded Securities FVO FVO Securities Held by CSEs Short-term Investments Residential Mortgage Loans - FVO (In millions) Nine Months Ended September 30, 2014 Balance, beginning of period $ 50 $ 278 $ 12 $ 14 $ — $ 175 $ 338 Total realized/unrealized gains (losses) included in: Net income (loss): (1), (2) Net investment income — — — — — 1 15 Net investment gains (losses) 4 3 — — — (2 ) — Net derivative gains (losses) — — — — — — — OCI 2 4 — — — — — Purchases (3) 18 — 8 — — 98 49 Sales (3) (19 ) (38 ) (7 ) — (2 ) (134 ) (78 ) Issuances (3) — — — — — — — Settlements (3) — — — — — — (26 ) Transfers into Level 3 (4) — — — — 14 — — Transfers out of Level 3 (4) — (82 ) (5 ) — — (18 ) — Balance, end of period $ 55 $ 165 $ 8 $ 14 $ 12 $ 120 $ 298 Changes in unrealized gains (losses) included in net income (loss): (5) Net investment income $ — $ — $ — $ — $ — $ — $ 15 Net investment gains (losses) $ (2 ) $ (3 ) $ — $ — $ — $ — $ — Net derivative gains (losses) $ — $ — $ — $ — $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Net Derivatives (6) Interest Rate Foreign Currency Exchange Rate Credit Equity Market Net Separate Account Assets (8) Long-term Debt Long-term Trading Liabilities (In millions) Nine Months Ended September 30, 2014 Balance, beginning of period $ (1 ) $ 14 $ 23 $ — $ 48 $ 1,209 $ (43 ) $ (28 ) $ — Total realized/unrealized gains (losses) included in: Net income (loss): (1), (2) Net investment income — — — — — — — — — Net investment gains (losses) — — — — — 91 — (1 ) — Net derivative gains (losses) 1 (1 ) (11 ) — 13 — — — — OCI 31 — — — — — — — — Purchases (3) — — — — — 439 — — — Sales (3) — — — — — (268 ) — — — Issuances (3) (1 ) — (4 ) — — 83 — — — Settlements (3) (10 ) (1 ) — — 44 (28 ) 5 14 — Transfers into Level 3 (4) — — — — — 144 — — — Transfers out of Level 3 (4) — — — — — (47 ) 18 — — Balance, end of period $ 20 $ 12 $ 8 $ — $ 105 $ 1,623 $ (20 ) $ (15 ) $ — Changes in unrealized gains (losses) included in net income (loss): (5) Net investment income $ — $ — $ — $ — $ — $ — $ — $ — $ — Net investment gains (losses) $ — $ — $ — $ — $ — $ — $ — $ (1 ) $ — Net derivative gains (losses) $ — $ (2 ) $ (9 ) $ — $ 24 $ — $ — $ — $ — __________________ (1) Amortization of premium/accretion of discount is included within net investment income. Impairments charged to net income (loss) on securities are included in net investment gains (losses), while changes in estimated fair value of residential mortgage loans - FVO are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). (2) Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward. (3) Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements. (4) Gains and losses in net income (loss) and OCI are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward. (5) Changes in unrealized gains (losses) included in net income (loss) relate to assets and liabilities still held at the end of the respective periods. (6) Freestanding derivative assets and liabilities are presented net for purposes of the rollforward. (7) Embedded derivative assets and liabilities are presented net for purposes of the rollforward. (8) Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income. For the purpose of this disclosure, these changes are presented within net investment gains (losses). |
Fair Value Option | The following table presents information for residential mortgage loans, which are accounted for under the FVO, and were initially measured at fair value. September 30, 2015 December 31, 2014 (In millions) Unpaid principal balance $ 445 $ 436 Difference between estimated fair value and unpaid principal balance (130 ) (128 ) Carrying value at estimated fair value $ 315 $ 308 Loans in non-accrual status $ 125 $ 125 The following table presents information for long-term debt, which is accounted for under the FVO, and was initially measured at fair value. Long-term Debt Long-term Debt of CSEs September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 (In millions) Contractual principal balance $ 105 $ 115 $ 25 $ 26 Difference between estimated fair value and contractual principal balance (1 ) 2 (14 ) (13 ) Carrying value at estimated fair value (1) $ 104 $ 117 $ 11 $ 13 __________________ (1) Changes in estimated fair value are recognized in net investment gains (losses). Interest expense is recognized in other expenses. |
Nonrecurring Fair Value Measurements | The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3). At September 30, Three Months Nine Months 2015 2014 2015 2014 2015 2014 Carrying Value After Measurement Gains (Losses) (In millions) Mortgage loans (1) $ 41 $ 103 $ — $ 3 $ (1 ) $ 2 Other limited partnership interests (2) $ 53 $ 83 $ (8 ) $ (13 ) $ (26 ) $ (46 ) __________________ (1) Estimated fair values for impaired mortgage loans are based on independent broker quotations or valuation models using unobservable inputs or, if the loans are in foreclosure or are otherwise determined to be collateral dependent, are based on the estimated fair value of the underlying collateral or the present value of the expected future cash flows. (2) For these cost method investments, estimated fair value is determined from information provided in the financial statements of the underlying entities including NAV data. These investments include private equity and debt funds that typically invest primarily in various strategies including domestic and international leveraged buyout funds; power, energy, timber and infrastructure development funds; venture capital funds; and below investment grade debt and mezzanine debt funds. Distributions will be generated from investment gains, from operating income from the underlying investments of the funds and from liquidation of the underlying assets of the funds. It is estimated that the underlying assets of the funds will be liquidated over the next two to 10 years . Unfunded commitments for these investments at both September 30, 2015 and 2014 were not significant. |
Fair Value of Financial Instruments Carried at Other Than Fair Value | The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at: September 30, 2015 Fair Value Hierarchy Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Mortgage loans $ 50,923 $ — $ — $ 52,836 $ 52,836 Policy loans $ 8,523 $ — $ 738 $ 9,757 $ 10,495 Real estate joint ventures $ 14 $ — $ — $ 43 $ 43 Other limited partnership interests $ 524 $ — $ — $ 664 $ 664 Other invested assets $ 2,373 $ — $ 2,224 $ 204 $ 2,428 Premiums, reinsurance and other receivables $ 15,213 $ — $ 1,582 $ 14,629 $ 16,211 Other assets $ 128 $ — $ 128 $ — $ 128 Liabilities Policyholder account balances $ 70,576 $ — $ — $ 73,130 $ 73,130 Long-term debt $ 1,766 $ — $ 1,965 $ 110 $ 2,075 Other liabilities $ 22,160 $ — $ 2,759 $ 20,150 $ 22,909 Separate account liabilities $ 60,272 $ — $ 60,272 $ — $ 60,272 December 31, 2014 Fair Value Hierarchy Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets Mortgage loans $ 48,751 $ — $ — $ 50,992 $ 50,992 Policy loans $ 8,491 $ — $ 796 $ 9,614 $ 10,410 Real estate joint ventures $ 30 $ — $ — $ 54 $ 54 Other limited partnership interests $ 635 $ — $ — $ 819 $ 819 Other invested assets $ 2,385 $ — $ 2,270 $ 220 $ 2,490 Premiums, reinsurance and other receivables $ 13,845 $ — $ 94 $ 14,607 $ 14,701 Other assets $ — $ — $ — $ — $ — Liabilities Policyholder account balances $ 73,225 $ — $ — $ 75,481 $ 75,481 Long-term debt $ 1,897 $ — $ 2,029 $ 268 $ 2,297 Other liabilities $ 20,139 $ — $ 609 $ 20,133 $ 20,742 Separate account liabilities $ 60,840 $ — $ 60,840 $ — $ 60,840 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | Information regarding changes in the balances of each component of AOCI attributable to Metropolitan Life Insurance Company was as follows: Three Months Unrealized Investment Gains (Losses), Net of Related Offsets (1) Unrealized Gains (Losses) on Derivatives Foreign Currency Translation Adjustments Defined Benefit Plans Adjustment Total (In millions) Balance, beginning of period $ 4,238 $ 1,138 $ (66 ) $ (2,162 ) $ 3,148 OCI before reclassifications 547 92 7 — 646 Deferred income tax benefit (expense) (187 ) (32 ) (5 ) — (224 ) AOCI before reclassifications, net of income tax 4,598 1,198 (64 ) (2,162 ) 3,570 Amounts reclassified from AOCI 108 217 — 55 380 Deferred income tax benefit (expense) (39 ) (76 ) — (19 ) (134 ) Amounts reclassified from AOCI, net of income tax 69 141 — 36 246 Balance, end of period $ 4,667 $ 1,339 $ (64 ) $ (2,126 ) $ 3,816 Three Months Unrealized Investment Gains (Losses), Net of Related Offsets (1) Unrealized Gains (Losses) on Derivatives Foreign Currency Translation Adjustments Defined Benefit Plans Adjustment Total (In millions) Balance, beginning of period $ 6,596 $ 397 $ 37 $ (1,562 ) $ 5,468 OCI before reclassifications (1,182 ) 90 (6 ) 29 (1,069 ) Deferred income tax benefit (expense) 412 (31 ) — (10 ) 371 AOCI before reclassifications, net of income tax 5,826 456 31 (1,543 ) 4,770 Amounts reclassified from AOCI (10 ) 433 — 44 467 Deferred income tax benefit (expense) 3 (151 ) — (13 ) (161 ) Amounts reclassified from AOCI, net of income tax (7 ) 282 — 31 306 Balance, end of period $ 5,819 $ 738 $ 31 $ (1,512 ) $ 5,076 Nine Months Unrealized Investment Gains (Losses), Net of Related Offsets (1) Unrealized Gains (Losses) on Derivatives Foreign Currency Translation Adjustments Defined Benefit Plans Adjustment Total (In millions) Balance, beginning of period $ 6,200 $ 1,073 $ (3 ) $ (2,236 ) $ 5,034 OCI before reclassifications (2,551 ) (63 ) (89 ) — (2,703 ) Deferred income tax benefit (expense) 900 22 28 — 950 AOCI before reclassifications, net of income tax 4,549 1,032 (64 ) (2,236 ) 3,281 Amounts reclassified from AOCI 183 472 — 169 824 Deferred income tax benefit (expense) (65 ) (165 ) — (59 ) (289 ) Amounts reclassified from AOCI, net of income tax 118 307 — 110 535 Balance, end of period $ 4,667 $ 1,339 $ (64 ) $ (2,126 ) $ 3,816 Nine Months Unrealized Investment Gains (Losses), Net of Related Offsets (1) Unrealized Gains (Losses) on Derivatives Foreign Currency Translation Adjustments Defined Benefit Plans Adjustment Total (In millions) Balance, beginning of period $ 3,468 $ 236 $ 31 $ (1,577 ) $ 2,158 OCI before reclassifications 3,627 448 7 (22 ) 4,060 Deferred income tax benefit (expense) (1,261 ) (157 ) (7 ) (1 ) (1,426 ) AOCI before reclassifications, net of income tax 5,834 527 31 (1,600 ) 4,792 Amounts reclassified from AOCI (23 ) 324 — 132 433 Deferred income tax benefit (expense) 8 (113 ) — (44 ) (149 ) Amounts reclassified from AOCI, net of income tax (15 ) 211 — 88 284 Balance, end of period $ 5,819 $ 738 $ 31 $ (1,512 ) $ 5,076 __________________ (1) See Note 5 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI, and the policyholder dividend obligation. |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Information regarding amounts reclassified out of each component of AOCI was as follows: AOCI Components Amounts Reclassified from AOCI Consolidated Statement of Operations and Comprehensive Income (Loss) Locations Three Months Nine Months 2015 2014 2015 2014 (In millions) Net unrealized investment gains (losses): Net unrealized investment gains (losses) $ (66 ) $ (6 ) $ 8 $ (99 ) Net investment gains (losses) Net unrealized investment gains (losses) (3 ) 10 37 66 Net investment income Net unrealized investment gains (losses) (39 ) 6 (228 ) 56 Net derivative gains (losses) Net unrealized investment gains (losses), before income tax (108 ) 10 (183 ) 23 Income tax (expense) benefit 39 (3 ) 65 (8 ) Net unrealized investment gains (losses), net of income tax $ (69 ) $ 7 $ (118 ) $ 15 Unrealized gains (losses) on derivatives - cash flow hedges: Interest rate swaps $ 39 $ 1 $ 51 $ 28 Net derivative gains (losses) Interest rate swaps 2 2 8 6 Net investment income Interest rate forwards — (10 ) 3 (9 ) Net derivative gains (losses) Interest rate forwards 1 1 2 2 Net investment income Foreign currency swaps (260 ) (427 ) (537 ) (350 ) Net derivative gains (losses) Foreign currency swaps — — (1 ) (1 ) Net investment income Credit forwards — — 1 — Net derivative gains (losses) Credit forwards 1 — 1 — Net investment income Gains (losses) on cash flow hedges, before income tax (217 ) (433 ) (472 ) (324 ) Income tax (expense) benefit 76 151 165 113 Gains (losses) on cash flow hedges, net of income tax $ (141 ) $ (282 ) $ (307 ) $ (211 ) Defined benefit plans adjustment: (1) Amortization of net actuarial gains (losses) $ (56 ) $ (45 ) $ (172 ) $ (132 ) Amortization of prior service (costs) credit 1 1 3 — Amortization of defined benefit plan items, before income tax (55 ) (44 ) (169 ) (132 ) Income tax (expense) benefit 19 13 59 44 Amortization of defined benefit plan items, net of income tax $ (36 ) $ (31 ) $ (110 ) $ (88 ) Total reclassifications, net of income tax $ (246 ) $ (306 ) $ (535 ) $ (284 ) __________________ (1) These AOCI components are included in the computation of net periodic benefit costs. See Note 10 . |
Other Expenses (Tables)
Other Expenses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Other Expenses | Information on other expenses was as follows: Three Months Nine Months 2015 2014 2015 2014 (In millions) Compensation $ 472 $ 596 $ 1,562 $ 1,644 Pension, postretirement and postemployment benefit costs 62 91 178 247 Commissions 176 192 498 583 Volume-related costs 47 60 151 25 Affiliated interest costs on ceded and assumed reinsurance 201 235 616 717 Capitalization of DAC (117 ) (106 ) (346 ) (313 ) Amortization of DAC and VOBA 303 88 595 482 Interest expense on debt 31 38 96 114 Premium taxes, licenses and fees 82 85 269 248 Professional services 283 254 811 729 Rent and related expenses, net of sublease income 21 36 61 106 Other (1) 300 (105 ) 298 (310 ) Total other expenses $ 1,861 $ 1,464 $ 4,789 $ 4,272 __________________ (1) See Note 11 for a discussion of a charge related to income tax included in both the three months and nine months ended September 30, 2015. Affiliated Expenses Commissions, capitalization of DAC and amortization of DAC and VOBA include the impact of affiliated reinsurance transactions. See Note 13 for a discussion of affiliated expenses included in the table above. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Net periodic benefit costs | The components of net periodic benefit costs were as follows: Three Months 2015 2014 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits (In millions) Service costs $ 54 $ 3 $ 46 $ 3 Interest costs 101 22 102 21 Settlement and curtailment costs — — 14 — Expected return on plan assets (134 ) (19 ) (111 ) (19 ) Amortization of net actuarial (gains) losses 46 10 42 3 Amortization of prior service costs (credit) (1 ) — — (1 ) Allocated to affiliates (14 ) (4 ) (9 ) — Net periodic benefit costs (credit) $ 52 $ 12 $ 84 $ 7 Nine Months 2015 2014 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits (In millions) Service costs $ 162 $ 11 $ 137 $ 9 Interest costs 303 66 308 64 Settlement and curtailment costs — — 14 — Expected return on plan assets (403 ) (59 ) (333 ) (56 ) Amortization of net actuarial (gains) losses 141 31 124 8 Amortization of prior service costs (credit) (1 ) (2 ) 1 (1 ) Allocated to affiliates (44 ) (12 ) (28 ) (2 ) Net periodic benefit costs (credit) $ 158 $ 35 $ 223 $ 22 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Reinsurance Disclosure [Line Items] | |
Effects of reinsurance | Information regarding the significant effects of affiliated reinsurance included on the consolidated statements of operations and comprehensive income (loss) was as follows: Three Months Nine Months 2015 2014 2015 2014 (In millions) Premiums Reinsurance assumed $ 164 $ 146 $ 508 $ 515 Reinsurance ceded (9 ) (7 ) (28 ) (29 ) Net premiums $ 155 $ 139 $ 480 $ 486 Universal life and investment-type product policy fees Reinsurance assumed $ 20 $ 13 $ 46 $ 33 Reinsurance ceded (43 ) (94 ) (117 ) (231 ) Net universal life and investment-type product policy fees $ (23 ) $ (81 ) $ (71 ) $ (198 ) Other revenues Reinsurance assumed $ — $ (3 ) $ — $ — Reinsurance ceded 155 169 467 491 Net other revenues $ 155 $ 166 $ 467 $ 491 Policyholder benefits and claims Reinsurance assumed $ 164 $ 122 $ 484 $ 477 Reinsurance ceded (38 ) (49 ) (89 ) (124 ) Net policyholder benefits and claims $ 126 $ 73 $ 395 $ 353 Interest credited to policyholder account balances Reinsurance assumed $ 9 $ 8 $ 24 $ 25 Reinsurance ceded (23 ) (27 ) (67 ) (79 ) Net interest credited to policyholder account balances $ (14 ) $ (19 ) $ (43 ) $ (54 ) Other expenses Reinsurance assumed $ 53 $ 51 $ 169 $ 218 Reinsurance ceded 149 152 444 459 Net other expenses $ 202 $ 203 $ 613 $ 677 Information regarding the significant effects of affiliated reinsurance included on the consolidated balance sheets was as follows at: September 30, 2015 December 31, 2014 Assumed Ceded Assumed Ceded (In millions) Assets Premiums, reinsurance and other receivables $ 248 $ 15,513 $ 257 $ 15,453 Deferred policy acquisition costs and value of business acquired 425 (200 ) 370 (231 ) Total assets $ 673 $ 15,313 $ 627 $ 15,222 Liabilities Future policy benefits $ 1,347 $ (6 ) $ 1,146 $ — Policyholder account balances 353 — 288 — Other policy-related balances 197 44 264 32 Other liabilities 6,529 13,185 6,610 13,545 Total liabilities $ 8,426 $ 13,223 $ 8,308 $ 13,577 |
Business, Basis of Presentati31
Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2015Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of segments | 3 |
Segment Information (Earnings)
Segment Information (Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues | ||||
Premiums | $ 6,260 | $ 5,087 | $ 16,463 | $ 15,415 |
Universal life and investment-type product policy fees | 642 | 623 | 1,925 | 1,806 |
Net investment income | 2,797 | 2,990 | 8,822 | 8,931 |
Other revenues | 383 | 440 | 1,166 | 1,303 |
Net investment gains (losses) | 132 | 163 | 264 | 74 |
Net derivative gains (losses) | 558 | 554 | 827 | 617 |
Total revenues | 10,772 | 9,857 | 29,467 | 28,146 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 7,229 | 6,017 | 19,335 | 18,234 |
Interest credited to policyholder account balances | 547 | 536 | 1,628 | 1,610 |
Capitalization of DAC | (117) | (106) | (346) | (313) |
Amortization of DAC and VOBA | 303 | 88 | 595 | 482 |
Interest expense on debt | 31 | 38 | 96 | 114 |
Other expenses | 1,644 | 1,444 | 4,444 | 3,989 |
Total expenses | 9,637 | 8,017 | 25,752 | 24,116 |
Provision for income tax expense (benefit) | 867 | 537 | 1,589 | 1,150 |
Income (loss) from continuing operations, net of income tax | 268 | 1,303 | 2,126 | 2,880 |
Operating Segments | ||||
Revenues | ||||
Premiums | 6,260 | 5,087 | 16,463 | 15,415 |
Universal life and investment-type product policy fees | 617 | 608 | 1,850 | 1,775 |
Net investment income | 2,906 | 3,108 | 9,163 | 9,278 |
Other revenues | 383 | 440 | 1,166 | 1,303 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 10,166 | 9,243 | 28,642 | 27,771 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 7,247 | 5,999 | 19,323 | 18,189 |
Interest credited to policyholder account balances | 545 | 533 | 1,624 | 1,601 |
Capitalization of DAC | (117) | (106) | (346) | (313) |
Amortization of DAC and VOBA | 204 | 90 | 503 | 454 |
Interest expense on debt | 31 | 38 | 95 | 113 |
Other expenses | 1,633 | 1,425 | 4,441 | 3,970 |
Total expenses | 9,543 | 7,979 | 25,640 | 24,014 |
Provision for income tax expense (benefit) | 688 | 335 | 1,340 | 1,053 |
Operating earnings | (65) | 929 | 1,662 | 2,704 |
Operating Segments | Retail | ||||
Revenues | ||||
Premiums | 1,007 | 1,010 | 3,017 | 2,978 |
Universal life and investment-type product policy fees | 384 | 377 | 1,151 | 1,092 |
Net investment income | 1,319 | 1,358 | 4,009 | 4,099 |
Other revenues | 33 | 97 | 118 | 273 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 2,743 | 2,842 | 8,295 | 8,442 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 1,646 | 1,581 | 4,860 | 4,669 |
Interest credited to policyholder account balances | 239 | 245 | 713 | 729 |
Capitalization of DAC | (113) | (92) | (324) | (272) |
Amortization of DAC and VOBA | 191 | 78 | 463 | 422 |
Interest expense on debt | 1 | 1 | 3 | 3 |
Other expenses | 417 | 460 | 1,364 | 1,112 |
Total expenses | 2,381 | 2,273 | 7,079 | 6,663 |
Provision for income tax expense (benefit) | 107 | 162 | 371 | 558 |
Operating earnings | 255 | 407 | 845 | 1,221 |
Operating Segments | Group, Voluntary & Worksite Benefits | ||||
Revenues | ||||
Premiums | 3,672 | 3,606 | 11,079 | 10,863 |
Universal life and investment-type product policy fees | 188 | 180 | 559 | 538 |
Net investment income | 467 | 455 | 1,388 | 1,341 |
Other revenues | 110 | 101 | 332 | 310 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 4,437 | 4,342 | 13,358 | 13,052 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 3,507 | 3,466 | 10,561 | 10,494 |
Interest credited to policyholder account balances | 38 | 38 | 113 | 117 |
Capitalization of DAC | (2) | (4) | (9) | (12) |
Amortization of DAC and VOBA | 7 | 8 | 23 | 19 |
Interest expense on debt | 0 | 0 | 0 | 0 |
Other expenses | 549 | 533 | 1,675 | 1,600 |
Total expenses | 4,099 | 4,041 | 12,363 | 12,218 |
Provision for income tax expense (benefit) | 127 | 108 | 370 | 305 |
Operating earnings | 211 | 193 | 625 | 529 |
Operating Segments | Corporate Benefit Funding | ||||
Revenues | ||||
Premiums | 1,551 | 438 | 2,281 | 1,475 |
Universal life and investment-type product policy fees | 45 | 51 | 140 | 145 |
Net investment income | 1,193 | 1,229 | 3,723 | 3,569 |
Other revenues | 68 | 69 | 217 | 214 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 2,857 | 1,787 | 6,361 | 5,403 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 2,073 | 929 | 3,837 | 2,965 |
Interest credited to policyholder account balances | 268 | 250 | 798 | 755 |
Capitalization of DAC | (1) | (10) | (11) | (29) |
Amortization of DAC and VOBA | 5 | 4 | 16 | 13 |
Interest expense on debt | 1 | 3 | 4 | 8 |
Other expenses | 109 | 131 | 352 | 367 |
Total expenses | 2,455 | 1,307 | 4,996 | 4,079 |
Provision for income tax expense (benefit) | 140 | 168 | 475 | 459 |
Operating earnings | 262 | 312 | 890 | 865 |
Operating Segments | Corporate & Other | ||||
Revenues | ||||
Premiums | 30 | 33 | 86 | 99 |
Universal life and investment-type product policy fees | 0 | 0 | 0 | 0 |
Net investment income | (73) | 66 | 43 | 269 |
Other revenues | 172 | 173 | 499 | 506 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 129 | 272 | 628 | 874 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 21 | 23 | 65 | 61 |
Interest credited to policyholder account balances | 0 | 0 | 0 | 0 |
Capitalization of DAC | (1) | 0 | (2) | 0 |
Amortization of DAC and VOBA | 1 | 0 | 1 | 0 |
Interest expense on debt | 29 | 34 | 88 | 102 |
Other expenses | 558 | 301 | 1,050 | 891 |
Total expenses | 608 | 358 | 1,202 | 1,054 |
Provision for income tax expense (benefit) | 314 | (103) | 124 | (269) |
Operating earnings | (793) | 17 | (698) | 89 |
Significant Reconciling Items | ||||
Revenues | ||||
Premiums | 0 | 0 | 0 | 0 |
Universal life and investment-type product policy fees | 25 | 15 | 75 | 31 |
Net investment income | (109) | (118) | (341) | (347) |
Other revenues | 0 | 0 | 0 | 0 |
Net investment gains (losses) | 132 | 163 | 264 | 74 |
Net derivative gains (losses) | 558 | 554 | 827 | 617 |
Total revenues | 606 | 614 | 825 | 375 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | (18) | 18 | 12 | 45 |
Interest credited to policyholder account balances | 2 | 3 | 4 | 9 |
Capitalization of DAC | 0 | 0 | 0 | 0 |
Amortization of DAC and VOBA | 99 | (2) | 92 | 28 |
Interest expense on debt | 0 | 0 | 1 | 1 |
Other expenses | 11 | 19 | 3 | 19 |
Total expenses | 94 | 38 | 112 | 102 |
Provision for income tax expense (benefit) | $ 179 | $ 202 | $ 249 | $ 97 |
Segment Information (Total Asse
Segment Information (Total Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 455,052 | $ 458,218 |
Retail | ||
Segment Reporting Information [Line Items] | ||
Total assets | 176,960 | 181,207 |
Group, Voluntary & Worksite Benefits | ||
Segment Reporting Information [Line Items] | ||
Total assets | 44,372 | 43,718 |
Corporate Benefit Funding | ||
Segment Reporting Information [Line Items] | ||
Total assets | 203,159 | 203,281 |
Corporate & Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 30,561 | $ 30,012 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014USD ($) | Sep. 30, 2015Segment | Sep. 30, 2014USD ($) | |
Segment Reporting [Abstract] | |||
Number of segments | Segment | 3 | ||
Corporate Benefit Funding | |||
Segment Reporting Information [Line Items] | |||
Prior Period Reclassification Adjustment | $ (16) | $ (45) | |
Prior Period Adjustment To Operating Earnings Tax Expense | (8) | (30) | |
Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
Prior Period Reclassification Adjustment | (32) | (57) | |
Prior Period Adjustment To Operating Earnings Tax Expense | 43 | 77 | |
Retail | |||
Segment Reporting Information [Line Items] | |||
Prior Period Reclassification Adjustment | 53 | 116 | |
Prior Period Adjustment To Operating Earnings Tax Expense | (29) | (37) | |
Group, Voluntary & Worksite Benefits | |||
Segment Reporting Information [Line Items] | |||
Prior Period Reclassification Adjustment | (5) | (14) | |
Prior Period Adjustment To Operating Earnings Tax Expense | $ (6) | $ (10) |
Insurance (Guarantees Related t
Insurance (Guarantees Related to Annuity Contracts) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Variable Annuities | Guaranteed Death Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Account value | $ 59,023 | $ 62,810 |
Separate account value | 47,342 | 51,077 |
Net amount at risk | $ 1,951 | $ 702 |
Average attained age of contractholders | 65 years | 65 years |
Variable Annuities | Guaranteed Annuitization Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Account value | $ 27,428 | $ 29,474 |
Separate account value | 26,291 | 28,347 |
Net amount at risk | $ 408 | $ 244 |
Average attained age of contractholders | 63 years | 63 years |
Two Tier and Other Annuities | Guaranteed Annuitization Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Account value | $ 407 | $ 456 |
Net amount at risk | $ 145 | $ 153 |
Average attained age of contractholders | 56 years | 55 years |
Insurance (Guarantees Related36
Insurance (Guarantees Related to Universal and Variable Life Contracts) (Details) - Universal And Variable Life Contracts - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Secondary Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Account value (general and separate account) | $ 8,043 | $ 8,213 |
Net amount at risk | $ 76,697 | $ 78,758 |
Average attained age of policyholders | 55 years | 54 years |
Paid-Up Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Account value (general and separate account) | $ 1,061 | $ 1,091 |
Net amount at risk | $ 7,784 | $ 8,164 |
Average attained age of policyholders | 61 years | 60 years |
Closed Block (Liabilities and A
Closed Block (Liabilities and Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Closed Block Liabilities | |||
Future policy benefits | $ 41,280 | $ 41,667 | |
Other policy-related balances | 275 | 265 | |
Policyholder dividends payable | 498 | 461 | |
Policyholder dividend obligation | 2,309 | 3,155 | $ 1,771 |
Current income tax payable | 29 | 1 | |
Other liabilities | 474 | 646 | |
Total closed block liabilities | 44,865 | 46,195 | |
Assets Designated to the Closed Block | |||
Fixed maturity securities available-for-sale, at estimated fair value | 27,739 | 29,199 | |
Equity securities available-for-sale, at estimated fair value | 94 | 91 | |
Mortgage loans | 6,122 | 6,076 | |
Policy loans | 4,641 | 4,646 | |
Real estate and real estate joint ventures | 601 | 666 | |
Other invested assets | 1,203 | 1,065 | |
Total investments | 40,400 | 41,743 | |
Cash and cash equivalents | 266 | 227 | |
Accrued investment income | 484 | 477 | |
Premiums, reinsurance and other receivables | 106 | 67 | |
Deferred income tax assets | 286 | 289 | |
Total assets designated to the closed block | 41,542 | 42,803 | |
Excess of closed block liabilities over assets designated to the closed block | 3,323 | 3,392 | |
Amounts included in accumulated other comprehensive income (loss) (“AOCI”) | |||
Unrealized investment gains (losses), net of income tax | 1,712 | 2,291 | |
Unrealized gains (losses) on derivatives, net of income tax | 63 | 28 | |
Allocated to policyholder dividend obligation, net of income tax | (1,501) | (2,051) | |
Total amounts included in AOCI | 274 | 268 | |
Maximum future earnings to be recognized from closed block assets and liabilities | $ 3,597 | $ 3,660 |
Closed Block (Policyholder Divi
Closed Block (Policyholder Dividend Obligation) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Closed block policyholder dividend obligation | ||
Balance, beginning of period | $ 3,155 | $ 1,771 |
Change in unrealized investment and derivative gains (losses) | (846) | 1,384 |
Balance, end of period | $ 2,309 | $ 3,155 |
Closed Block (Revenues and Expe
Closed Block (Revenues and Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues | ||||
Premiums | $ 447 | $ 461 | $ 1,334 | $ 1,380 |
Net investment income | 487 | 516 | 1,500 | 1,568 |
Net investment gains (losses) | (9) | 0 | (8) | 8 |
Net derivative gains (losses) | 13 | 17 | 25 | 13 |
Total revenues | 938 | 994 | 2,851 | 2,969 |
Expenses | ||||
Policyholder benefits and claims | 635 | 620 | 1,886 | 1,889 |
Policyholder dividends | 273 | 255 | 757 | 731 |
Other expenses | 36 | 39 | 109 | 118 |
Total expenses | 944 | 914 | 2,752 | 2,738 |
Revenues, net of expenses before provision for income tax expense (benefit) | (6) | 80 | 99 | 231 |
Provision for income tax expense (benefit) | (1) | 28 | 36 | 81 |
Revenues, net of expenses and provision for income tax expense (benefit) | $ (5) | $ 52 | $ 63 | $ 150 |
Investments (Fixed Maturity and
Investments (Fixed Maturity and Equity Securities Available-For-Sale by Sector) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Available-for-sale Securities [Abstract] | |||
Amortized Cost | $ 167,394 | $ 173,604 | |
Cost or Amortized Cost | 2,030 | 1,926 | |
Gross Unrealized OTTI Loss | 50 | 66 | $ 149 |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $167,394 and $173,604, respectively; includes $136 and $160, respectively, relating to variable interest entities) | 177,441 | 188,911 | |
Equity securities | 2,005 | 2,065 | |
Fixed maturity securities | |||
Available-for-sale Securities [Abstract] | |||
Amortized Cost | 167,394 | 173,604 | |
Gross Unrealized Gain | 13,007 | 16,672 | |
Gross Unrealized Temporary Loss | 2,910 | 1,299 | |
Gross Unrealized OTTI Loss | 50 | 66 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $167,394 and $173,604, respectively; includes $136 and $160, respectively, relating to variable interest entities) | 177,441 | 188,911 | |
U.S. corporate | |||
Available-for-sale Securities [Abstract] | |||
Amortized Cost | 58,717 | 59,532 | |
Gross Unrealized Gain | 4,471 | 6,246 | |
Gross Unrealized Temporary Loss | 1,105 | 421 | |
Gross Unrealized OTTI Loss | 7 | 0 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $167,394 and $173,604, respectively; includes $136 and $160, respectively, relating to variable interest entities) | 62,076 | 65,357 | |
U.S. Treasury and agency | |||
Available-for-sale Securities [Abstract] | |||
Amortized Cost | 35,115 | 34,391 | |
Gross Unrealized Gain | 4,292 | 4,698 | |
Gross Unrealized Temporary Loss | 102 | 19 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $167,394 and $173,604, respectively; includes $136 and $160, respectively, relating to variable interest entities) | 39,305 | 39,070 | |
Foreign corporate | |||
Available-for-sale Securities [Abstract] | |||
Amortized Cost | 27,560 | 28,395 | |
Gross Unrealized Gain | 1,212 | 1,934 | |
Gross Unrealized Temporary Loss | 1,255 | 511 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $167,394 and $173,604, respectively; includes $136 and $160, respectively, relating to variable interest entities) | 27,517 | 29,818 | |
RMBS | |||
Available-for-sale Securities [Abstract] | |||
Amortized Cost | 24,280 | 26,893 | |
Gross Unrealized Gain | 1,247 | 1,493 | |
Gross Unrealized Temporary Loss | 184 | 157 | |
Gross Unrealized OTTI Loss | 42 | 66 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $167,394 and $173,604, respectively; includes $136 and $160, respectively, relating to variable interest entities) | 25,301 | 28,163 | |
CMBS | |||
Available-for-sale Securities [Abstract] | |||
Amortized Cost | 6,230 | 7,705 | |
Gross Unrealized Gain | 173 | 241 | |
Gross Unrealized Temporary Loss | 52 | 33 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $167,394 and $173,604, respectively; includes $136 and $160, respectively, relating to variable interest entities) | 6,351 | 7,913 | |
ABS | |||
Available-for-sale Securities [Abstract] | |||
Amortized Cost | 6,701 | 8,206 | |
Gross Unrealized Gain | 58 | 102 | |
Gross Unrealized Temporary Loss | 118 | 82 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $167,394 and $173,604, respectively; includes $136 and $160, respectively, relating to variable interest entities) | 6,641 | 8,226 | |
State and political subdivision | |||
Available-for-sale Securities [Abstract] | |||
Amortized Cost | 5,933 | 5,329 | |
Gross Unrealized Gain | 970 | 1,197 | |
Gross Unrealized Temporary Loss | 21 | 6 | |
Gross Unrealized OTTI Loss | 1 | 0 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $167,394 and $173,604, respectively; includes $136 and $160, respectively, relating to variable interest entities) | 6,881 | 6,520 | |
Foreign government | |||
Available-for-sale Securities [Abstract] | |||
Amortized Cost | 2,858 | 3,153 | |
Gross Unrealized Gain | 584 | 761 | |
Gross Unrealized Temporary Loss | 73 | 70 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $167,394 and $173,604, respectively; includes $136 and $160, respectively, relating to variable interest entities) | 3,369 | 3,844 | |
Equity securities | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 2,030 | 1,926 | |
Gross Unrealized Gain | 106 | 195 | |
Gross Unrealized Temporary Loss | 131 | 56 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Equity securities | 2,005 | 2,065 | |
Common Stock | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 1,322 | 1,236 | |
Gross Unrealized Gain | 48 | 142 | |
Gross Unrealized Temporary Loss | 93 | 26 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Equity securities | 1,277 | 1,352 | |
Non-redeemable preferred stock | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 708 | 690 | |
Gross Unrealized Gain | 58 | 53 | |
Gross Unrealized Temporary Loss | 38 | 30 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Equity securities | $ 728 | $ 713 |
Investments (Maturities of Fixe
Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Due in One Year or Less | $ 7,349 | |
Due After One Year Through Five Years | 35,814 | |
Due After Five Years Through Ten Years | 34,434 | |
Due After Ten Years | 52,586 | |
Structured Securities | 37,211 | |
Amortized Cost | 167,394 | $ 173,604 |
Due in One Year or Less | 7,320 | |
Due After One Year Through Five Years | 37,201 | |
Due After Five Years Through Ten Years | 35,446 | |
Due After Ten Years | 59,181 | |
Structured Securities | 38,293 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $167,394 and $173,604, respectively; includes $136 and $160, respectively, relating to variable interest entities) | $ 177,441 | $ 188,911 |
Investments (Continuous Gross U
Investments (Continuous Gross Unrealized Losses for Fixed Maturity and Equity Securities Available-For-Sale) (Details) $ in Millions | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Total number of securities in an unrealized loss position less than 12 months | 3,501 | 1,997 |
Total number of securities in an unrealized loss position equal to or greater than 12 months | 643 | 642 |
Fixed maturity securities | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | $ 33,794 | $ 27,348 |
Less than 12 Months Gross Unrealized Loss | 2,028 | 823 |
Equal to or Greater than 12 Months Estimated Fair Value | 8,150 | 7,832 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 932 | 542 |
U.S. corporate | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 14,179 | 8,950 |
Less than 12 Months Gross Unrealized Loss | 854 | 260 |
Equal to or Greater than 12 Months Estimated Fair Value | 2,007 | 2,251 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 258 | 161 |
U.S. Treasury and agency | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 1,723 | 3,933 |
Less than 12 Months Gross Unrealized Loss | 101 | 6 |
Equal to or Greater than 12 Months Estimated Fair Value | 254 | 982 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 1 | 13 |
Foreign corporate | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 9,290 | 7,052 |
Less than 12 Months Gross Unrealized Loss | 793 | 397 |
Equal to or Greater than 12 Months Estimated Fair Value | 2,443 | 1,165 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 462 | 114 |
RMBS | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 3,597 | 3,141 |
Less than 12 Months Gross Unrealized Loss | 107 | 63 |
Equal to or Greater than 12 Months Estimated Fair Value | 1,497 | 1,900 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 119 | 160 |
CMBS | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 999 | 772 |
Less than 12 Months Gross Unrealized Loss | 25 | 20 |
Equal to or Greater than 12 Months Estimated Fair Value | 452 | 461 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 27 | 13 |
ABS | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 2,768 | 3,147 |
Less than 12 Months Gross Unrealized Loss | 72 | 45 |
Equal to or Greater than 12 Months Estimated Fair Value | 1,396 | 732 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 46 | 37 |
State and political subdivision | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 581 | 26 |
Less than 12 Months Gross Unrealized Loss | 18 | 0 |
Equal to or Greater than 12 Months Estimated Fair Value | 15 | 76 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 4 | 6 |
Foreign government | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 657 | 327 |
Less than 12 Months Gross Unrealized Loss | 58 | 32 |
Equal to or Greater than 12 Months Estimated Fair Value | 86 | 265 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 15 | 38 |
Equity securities | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 327 | 130 |
Less than 12 Months Gross Unrealized Loss | 94 | 26 |
Equal to or Greater than 12 Months Estimated Fair Value | 141 | 140 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 37 | 30 |
Common Stock | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 261 | 98 |
Less than 12 Months Gross Unrealized Loss | 92 | 26 |
Equal to or Greater than 12 Months Estimated Fair Value | 8 | 1 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 1 | 0 |
Non-redeemable preferred stock | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 66 | 32 |
Less than 12 Months Gross Unrealized Loss | 2 | 0 |
Equal to or Greater than 12 Months Estimated Fair Value | 133 | 139 |
Equal to or Greater than 12 Months Gross Unrealized Loss | $ 36 | $ 30 |
Investments (Mortgage Loans by
Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Company-held mortgage loans held-for-investment, net | ||||
Commercial | $ 31,954 | $ 32,482 | ||
Percentage of loans receivable on commercial mortgage loans | 62.40% | 66.20% | ||
Agricultural | $ 11,291 | $ 11,033 | ||
Percentage of loans receivable on agricultural mortgage loans | 22.00% | 22.50% | ||
Residential | $ 7,934 | $ 5,494 | ||
Percentage of loans receivable on residential mortgage loans | 15.50% | 11.20% | ||
Subtotal | $ 51,179 | $ 49,009 | ||
Percentage of loans receivable on subtotal | 99.90% | 99.90% | ||
Valuation allowances | $ (256) | $ (258) | $ (262) | $ (272) |
Percentage of loans receivable on valuation allowances | (0.50%) | (0.50%) | ||
Subtotal mortgage loans, net | $ 50,923 | $ 48,751 | ||
Percentage of loans receivable on subtotal mortgage loans held-for-investment, net | 99.40% | 99.40% | ||
Percentage of residential mortgage loans - FVO | 0.60% | 0.60% | ||
Total mortgage loans, net | $ 51,238 | $ 49,059 | ||
Percentage of loans held for sale on total mortgage loans, net | 100.00% | 100.00% | ||
Residential — fair value option (“FVO”) | ||||
Company-held mortgage loans held-for-investment, net | ||||
Total mortgage loans, net | $ 315 | $ 308 |
Investments (Mortgage Loans and
Investments (Mortgage Loans and Valuation Allowance by Portfolio Segment) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Mortgage Loans on Real Estate [Line Items] | ||
Unpaid Principal Balance | $ 53 | $ 122 |
Recorded Investment | 51 | 120 |
Valuation Allowances | 10 | 26 |
Unpaid Principal Balance | 206 | 138 |
Recorded Investment | 197 | 134 |
Recorded Investment | 50,931 | 48,755 |
Valuation Allowances | 246 | 232 |
Carrying Value | 238 | 228 |
Commercial | ||
Mortgage Loans on Real Estate [Line Items] | ||
Unpaid Principal Balance | 7 | 75 |
Recorded Investment | 7 | 75 |
Valuation Allowances | 7 | 24 |
Unpaid Principal Balance | 76 | 84 |
Recorded Investment | 76 | 84 |
Recorded Investment | 31,871 | 32,323 |
Valuation Allowances | 159 | 158 |
Carrying Value | 76 | 135 |
Agricultural | ||
Mortgage Loans on Real Estate [Line Items] | ||
Unpaid Principal Balance | 46 | 47 |
Recorded Investment | 44 | 45 |
Valuation Allowances | 3 | 2 |
Unpaid Principal Balance | 12 | 14 |
Recorded Investment | 12 | 13 |
Recorded Investment | 11,235 | 10,975 |
Valuation Allowances | 34 | 33 |
Carrying Value | 53 | 56 |
Residential | ||
Mortgage Loans on Real Estate [Line Items] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Valuation Allowances | 0 | 0 |
Unpaid Principal Balance | 118 | 40 |
Recorded Investment | 109 | 37 |
Recorded Investment | 7,825 | 5,457 |
Valuation Allowances | 53 | 41 |
Carrying Value | $ 109 | $ 37 |
Investments (Valuation Allowanc
Investments (Valuation Allowance Rollforward by Portfolio Segment) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Mortgage Loans on Real Estate [Line Items] | ||
Balance, beginning of period | $ 258 | $ 272 |
Provision (release) | 24 | 17 |
Charge-offs, net of recoveries | (26) | (27) |
Balance, end of period | 256 | 262 |
Commercial | ||
Mortgage Loans on Real Estate [Line Items] | ||
Balance, beginning of period | 182 | 213 |
Provision (release) | (4) | (3) |
Charge-offs, net of recoveries | (12) | (23) |
Balance, end of period | 166 | 187 |
Agricultural | ||
Mortgage Loans on Real Estate [Line Items] | ||
Balance, beginning of period | 35 | 40 |
Provision (release) | 2 | (5) |
Charge-offs, net of recoveries | 0 | (1) |
Balance, end of period | 37 | 34 |
Residential | ||
Mortgage Loans on Real Estate [Line Items] | ||
Balance, beginning of period | 41 | 19 |
Provision (release) | 26 | 25 |
Charge-offs, net of recoveries | (14) | (3) |
Balance, end of period | $ 53 | $ 41 |
Investments (Credit Quality of
Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | $ 31,954 | $ 32,482 |
% of Total | 100.00% | 100.00% |
Estimated Fair Value | $ 33,075 | $ 34,039 |
% of Total | 100.00% | 100.00% |
Less than 65% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | $ 27,807 | $ 28,317 |
% of Total | 87.00% | 87.20% |
Estimated Fair Value | $ 28,956 | $ 29,860 |
% of Total | 87.50% | 87.70% |
65% to 75% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | $ 3,460 | $ 3,260 |
% of Total | 10.80% | 10.00% |
Estimated Fair Value | $ 3,465 | $ 3,322 |
% of Total | 10.50% | 9.80% |
76% to 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | $ 55 | $ 117 |
% of Total | 0.20% | 0.40% |
Estimated Fair Value | $ 55 | $ 121 |
% of Total | 0.20% | 0.30% |
Greater than 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | $ 632 | $ 788 |
% of Total | 2.00% | 2.40% |
Estimated Fair Value | $ 599 | $ 736 |
% of Total | 1.80% | 2.20% |
Greater than 1.20x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | $ 30,047 | $ 30,086 |
Greater than 1.20x | Less than 65% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | 26,613 | 26,810 |
Greater than 1.20x | 65% to 75% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | 3,199 | 2,783 |
Greater than 1.20x | 76% to 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | 47 | 109 |
Greater than 1.20x | Greater than 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | 188 | 384 |
1.00x - 1.20x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | 1,279 | 1,393 |
1.00x - 1.20x | Less than 65% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | 838 | 746 |
1.00x - 1.20x | 65% to 75% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | 208 | 391 |
1.00x - 1.20x | 76% to 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | 0 | 0 |
1.00x - 1.20x | Greater than 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | 233 | 256 |
Less than 1.00x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | 628 | 1,003 |
Less than 1.00x | Less than 65% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | 356 | 761 |
Less than 1.00x | 65% to 75% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | 53 | 86 |
Less than 1.00x | 76% to 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | 8 | 8 |
Less than 1.00x | Greater than 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial | $ 211 | $ 148 |
Investments (Credit Quality o47
Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $ 11,291 | $ 11,033 |
% of Total | 100.00% | 100.00% |
Residential Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $ 7,934 | $ 5,494 |
% of Total | 100.00% | 100.00% |
Less than 65% | ||
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $ 10,695 | $ 10,462 |
% of Total | 94.70% | 94.80% |
65% to 75% | ||
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $ 506 | $ 469 |
% of Total | 4.50% | 4.20% |
76% to 80% | ||
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $ 22 | $ 17 |
% of Total | 0.20% | 0.20% |
Greater than 80% | ||
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $ 68 | $ 85 |
% of Total | 0.60% | 0.80% |
Performing | ||
Residential Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $ 7,700 | $ 5,345 |
% of Total | 97.10% | 97.30% |
Nonperforming | ||
Residential Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $ 234 | $ 149 |
% of Total | 2.90% | 2.70% |
Investments (Past Due and Inter
Investments (Past Due and Interest Accrual Status of Mortgage Loans) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | $ 343 | $ 150 |
Nonaccrual Status | 287 | 265 |
Commercial | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 0 | 0 |
Nonaccrual Status | 7 | 75 |
Agricultural | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 109 | 1 |
Nonaccrual Status | 46 | 41 |
Residential | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 234 | 149 |
Nonaccrual Status | $ 234 | $ 149 |
Investments (Net Unrealized Inv
Investments (Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss | |||
Fixed maturity securities | $ 10,052 | $ 15,374 | |
Fixed maturity securities with noncredit OTTI losses in AOCI | (50) | (66) | $ (149) |
Total fixed maturity securities | 10,002 | 15,308 | |
Equity securities | 26 | 173 | |
Derivatives | 2,058 | 1,649 | |
Other | 113 | 87 | |
Subtotal | 12,199 | 17,217 | |
Future policy benefits | (11) | (1,964) | |
DAC and VOBA related to noncredit OTTI losses recognized in AOCI | 0 | (3) | |
DAC, VOBA and DSI | (661) | (918) | |
Policyholder dividend obligation | (2,309) | (3,155) | |
Subtotal | (2,981) | (6,040) | |
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI | 15 | 25 | |
Deferred income tax benefit (expense) | (3,226) | (3,928) | |
Net unrealized investment gains (losses) | 6,007 | 7,274 | |
Net unrealized investment gains (losses) attributable to noncontrolling interests | (1) | (1) | |
Net unrealized investment gains (losses) attributable to Metropolitan Life Insurance Company | $ 6,006 | $ 7,273 |
Investments (Changes in Fixed M
Investments (Changes in Fixed Maturity Securities with Noncredit OTTI Losses) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Changes in fixed maturity securities with noncredit OTTI losses in accumulated other comprehensive income (loss) | ||
Balance, beginning of period | $ (66) | $ (149) |
Noncredit OTTI losses and subsequent changes recognized | 3 | 10 |
Securities sold with previous noncredit OTTI loss | 92 | 41 |
Subsequent changes in estimated fair value | (79) | 32 |
Balance, end of period | $ (50) | $ (66) |
Investments (Changes in Net Unr
Investments (Changes in Net Unrealized Investment Gains Losses) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Changes In Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Loss [Abstract] | |
Balance, beginning of period | $ 7,273 |
Fixed maturity securities on which noncredit OTTI losses have been recognized | 16 |
Unrealized investment gains (losses) during the period | (5,034) |
Unrealized investment gains (losses) relating to [Abstract] | |
Future policy benefits | 1,953 |
DAC and VOBA related to noncredit OTTI losses recognized in AOCI | 3 |
DAC, VOBA and DSI | 257 |
Policyholder dividend obligation | 846 |
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI | (10) |
Deferred income tax benefit (expense) | 702 |
Net unrealized investment gains (losses) | 6,006 |
Net unrealized investment gains (losses) attributable to noncontrolling interests | 0 |
Balance, end of period | 6,006 |
Change in net unrealized investment gains (losses) | (1,267) |
Change in net unrealized investment gains (losses) attributable to noncontrolling interests | 0 |
Change in net unrealized investment gains (losses) attributable to Metropolitan Life Insurance Company | $ (1,267) |
Investments (Securities Lending
Investments (Securities Lending) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties (2) | $ 18,113 | $ 21,635 |
Security collateral on deposit from counterparties | 67 | 19 |
Reinvestment portfolio — estimated fair value | 18,283 | 22,046 |
Amortized cost | ||
Securities Financing Transaction [Line Items] | ||
Securities loaned | 16,147 | 19,099 |
Estimated fair value | ||
Securities Financing Transaction [Line Items] | ||
Securities loaned | $ 17,741 | $ 21,185 |
Investments (Securities Lendi53
Investments (Securities Lending Remaining Tenor) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Securities Financing Transaction [Line Items] | ||
Total | $ 18,113 | $ 21,635 |
% of Total | 100.00% | 100.00% |
Maturity Overnight | ||
Securities Financing Transaction [Line Items] | ||
Total | $ 6,380 | $ 7,629 |
Maturity Less than 30 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 7,592 | 8,079 |
Maturity 30 to 90 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 3,861 | 5,927 |
Maturity Greater than 90 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 280 | 0 |
U.S. Treasury and agency | ||
Securities Financing Transaction [Line Items] | ||
Total | $ 17,981 | $ 18,659 |
% of Total | 99.30% | 86.20% |
U.S. Treasury and agency | Maturity Overnight | ||
Securities Financing Transaction [Line Items] | ||
Total | $ 6,379 | $ 7,346 |
U.S. Treasury and agency | Maturity Less than 30 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 7,524 | 7,401 |
U.S. Treasury and agency | Maturity 30 to 90 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 3,798 | 3,912 |
U.S. Treasury and agency | Maturity Greater than 90 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 280 | 0 |
Agency RMBS | ||
Securities Financing Transaction [Line Items] | ||
Total | $ 89 | $ 2,402 |
% of Total | 0.50% | 11.10% |
Agency RMBS | Maturity Overnight | ||
Securities Financing Transaction [Line Items] | ||
Total | $ 0 | $ 0 |
Agency RMBS | Maturity Less than 30 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 26 | 387 |
Agency RMBS | Maturity 30 to 90 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 63 | 2,015 |
Agency RMBS | Maturity Greater than 90 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 0 |
Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Total | $ 0 | $ 76 |
% of Total | 0.00% | 0.40% |
Foreign government | Maturity Overnight | ||
Securities Financing Transaction [Line Items] | ||
Total | $ 0 | $ 22 |
Foreign government | Maturity Less than 30 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 54 |
Foreign government | Maturity 30 to 90 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 0 |
Foreign government | Maturity Greater than 90 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 0 |
Foreign corporate | ||
Securities Financing Transaction [Line Items] | ||
Total | $ 0 | $ 241 |
% of Total | 0.00% | 1.10% |
Foreign corporate | Maturity Overnight | ||
Securities Financing Transaction [Line Items] | ||
Total | $ 0 | $ 152 |
Foreign corporate | Maturity Less than 30 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 89 |
Foreign corporate | Maturity 30 to 90 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 0 |
Foreign corporate | Maturity Greater than 90 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 0 |
U.S. corporate | ||
Securities Financing Transaction [Line Items] | ||
Total | $ 43 | $ 257 |
% of Total | 0.20% | 1.20% |
U.S. corporate | Maturity Overnight | ||
Securities Financing Transaction [Line Items] | ||
Total | $ 1 | $ 109 |
U.S. corporate | Maturity Less than 30 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 42 | 148 |
U.S. corporate | Maturity 30 to 90 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 0 |
U.S. corporate | Maturity Greater than 90 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | $ 0 | $ 0 |
Investments (Invested Assets on
Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Invested assets on deposit (regulatory deposits) | $ 1,278 | $ 1,421 |
Invested assets pledged as collateral | 20,172 | 20,712 |
Total invested assets on deposit and pledged as collateral | $ 21,450 | $ 22,133 |
Investments (Consolidated Varia
Investments (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||
Total Assets | $ 229 | $ 284 |
Total Liabilities | 80 | 108 |
Fixed Maturity Securities | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 140 | 163 |
Total Liabilities | 66 | 78 |
Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 46 | 59 |
Total Liabilities | 0 | 0 |
Other limited partnership interests | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 29 | 37 |
Total Liabilities | 0 | 0 |
CSEs (assets (primarily loans) and liabilities (primarily debt)) | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 14 | 16 |
Total Liabilities | 14 | 15 |
Real estate joint ventures | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 0 | 9 |
Total Liabilities | $ 0 | $ 15 |
Investments (Unconsolidated Var
Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | $ 44,923 | $ 51,678 |
Carrying Amount Liability | 46,348 | 53,131 |
Real estate joint ventures | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 37 | 52 |
Carrying Amount Liability | 51 | 74 |
Other limited partnership interests | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 3,374 | 3,722 |
Carrying Amount Liability | 4,371 | 4,833 |
Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 1,548 | 1,683 |
Carrying Amount Liability | 1,962 | 2,003 |
Structured securities (RMBS, CMBS, and ABS) | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 38,293 | 44,302 |
Carrying Amount Liability | 38,293 | 44,302 |
U.S. and foreign corporate | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 1,671 | 1,919 |
Carrying Amount Liability | $ 1,671 | $ 1,919 |
Investments (Net Investment Inc
Investments (Net Investment Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Less: Investment expenses | $ 220 | $ 211 | $ 670 | $ 622 |
Subtotal, net | 2,797 | 2,990 | 8,822 | 8,931 |
Fixed maturity securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gross Investment Income, Operating | 1,918 | 2,038 | 5,992 | 6,158 |
Equity securities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gross Investment Income, Operating | 21 | 18 | 64 | 63 |
Trading and FVO securities — Actively Traded and FVO general account securities (1) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gross Investment Income, Operating | (39) | (10) | (21) | 25 |
Mortgage loans | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gross Investment Income, Operating | 623 | 631 | 1,871 | 1,782 |
Policy loans | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gross Investment Income, Operating | 105 | 112 | 324 | 336 |
Real estate and real estate joint ventures | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gross Investment Income, Operating | 190 | 187 | 599 | 556 |
Other limited partnership interests | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gross Investment Income, Operating | 169 | 194 | 485 | 575 |
Cash, cash equivalents and short-term investments | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gross Investment Income, Operating | 5 | 8 | 17 | 20 |
Operating joint venture | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gross Investment Income, Operating | 0 | 1 | 6 | 0 |
Other | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gross Investment Income, Operating | 25 | 22 | 154 | 37 |
Subtotal | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Gross Investment Income, Operating | 3,017 | 3,201 | 9,491 | 9,552 |
Subtotal, net | 2,797 | 2,990 | 8,821 | 8,930 |
Consolidated Securitization Entities And Fair Value Option Contractholder-Directed Unit-Linked | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Subtotal, net | 0 | 0 | 1 | 1 |
Securities | Variable Interest Entity, Primary Beneficiary, Consolidated Securitization Entities | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Subtotal, net | $ 0 | $ 0 | $ 1 | $ 1 |
Investments (Components of Net
Investments (Components of Net Investment Gains Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Marketable Securities, Gain (Loss) [Abstract] | ||||
Fixed maturity securities — net gains (losses) on sales and disposals | $ (65) | $ 0 | $ 50 | $ (97) |
Equity securities — net gains (losses) on sales and disposals | 7 | 5 | 5 | 41 |
Other net investment gains (losses): | ||||
Trading and FVO securities — FVO general account securities | 0 | 1 | 0 | 1 |
Mortgage loans | (26) | (36) | (70) | (28) |
Other limited partnership interests | (75) | (13) | (52) | (47) |
Real estate and real estate joint ventures | 206 | 80 | 214 | 153 |
Other investment portfolio gains (losses) | 19 | (15) | 7 | (12) |
Subtotal — investment portfolio gains (losses) | 50 | 11 | 113 | (32) |
Long-term debt — related to securities | 0 | 0 | 0 | (1) |
Non-investment portfolio gains (losses) | 82 | 152 | 151 | 107 |
Subtotal FVO CSEs and non-investment portfolio gains (losses) | 82 | 152 | 151 | 106 |
Total net investment gains (losses) | 132 | 163 | 264 | 74 |
Fixed maturity securities | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
OTTI losses | (10) | (11) | (27) | (24) |
Net investment gains (losses) | (75) | (11) | 23 | (121) |
Consumer | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
OTTI losses | (9) | 0 | (12) | (6) |
Corporate fixed maturity securities | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
OTTI losses | (9) | 0 | (12) | (6) |
RMBS | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
OTTI losses | 0 | (11) | (14) | (18) |
State and political subdivision | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
OTTI losses | (1) | 0 | (1) | 0 |
Equity securities | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
OTTI losses | (6) | 0 | (14) | (19) |
Net investment gains (losses) | 1 | 5 | (9) | 22 |
Non-redeemable preferred stock | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
OTTI losses | 0 | 0 | 0 | (15) |
Common Stock | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
OTTI losses | $ (6) | $ 0 | $ (14) | $ (4) |
Investments (Sales or Disposals
Investments (Sales or Disposals and Impairments of Fixed Maturity and Equity Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fixed maturity securities | ||||
Components of Sales or Disposals of Fixed Maturity and Equity Securities | ||||
Proceeds | $ 13,895 | $ 11,083 | $ 45,974 | $ 31,886 |
Gross investment gains | 74 | 77 | 474 | 182 |
Gross investment losses | (139) | (77) | (424) | (279) |
Total OTTI losses recognized in earnings: | ||||
OTTI losses | (10) | (11) | (27) | (24) |
Net investment gains (losses) | (75) | (11) | 23 | (121) |
Equity securities | ||||
Components of Sales or Disposals of Fixed Maturity and Equity Securities | ||||
Proceeds | 16 | 50 | 44 | 119 |
Gross investment gains | 9 | 8 | 15 | 45 |
Gross investment losses | (2) | (3) | (10) | (4) |
Total OTTI losses recognized in earnings: | ||||
OTTI losses | (6) | 0 | (14) | (19) |
Net investment gains (losses) | $ 1 | $ 5 | $ (9) | $ 22 |
Investments (Credit Loss Rollfo
Investments (Credit Loss Rollforward) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Balance, beginning of period | $ 194 | $ 268 | $ 263 | $ 277 |
Additions: | ||||
Initial impairments — credit loss OTTI on securities not previously impaired | 0 | 0 | 1 | 0 |
Additional impairments — credit loss OTTI on securities previously impaired | 1 | 8 | 12 | 13 |
Reductions: | ||||
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI | (15) | (8) | (95) | (22) |
Increase in cash flows — accretion of previous credit loss OTTI | (1) | 0 | (2) | 0 |
Balance, end of period | $ 179 | $ 268 | $ 179 | $ 268 |
Investments (Related Party Inve
Investments (Related Party Investment Transactions) (Details) - Affiliated Entity - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Invested Assets Transferred To And From Affiliates | ||||
Estimated fair value of invested assets transferred to affiliates | $ 0 | $ 0 | $ 600 | $ 0 |
Amortized cost of invested assets transferred to affiliates | 0 | 0 | 567 | 0 |
Net investment gains (losses) recognized on transfers | 0 | 0 | 33 | 0 |
Estimated fair value of invested assets transferred from affiliates | $ 74 | $ 437 | $ 175 | $ 882 |
Investments (Fixed Maturity a62
Investments (Fixed Maturity and Equity Securities Available-For-Sale - Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Summary of Certain Fixed Maturity Securities | ||
Available-for-sale Securities, Debt Securities | $ 177,441 | $ 188,911 |
Non-income producing fixed maturity securities | ||
Summary of Certain Fixed Maturity Securities | ||
Available-for-sale Securities, Debt Securities | 8 | 6 |
Gross Unrealized Gain | $ 5 | |
Maximum | Non-income producing fixed maturity securities | ||
Summary of Certain Fixed Maturity Securities | ||
Gross Unrealized Gain | $ (1) |
Investments (Evaluation of Avai
Investments (Evaluation of Available-For-Sale Securities for OTTI and Evaluating Temporarily Impaired AFS Securities - Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($)Contracts | |
Schedule of Available-for-sale Securities [Line Items] | |
Equity securities available-for-sale with gross unrealized loss of equal to or greater than stated percentage | 20.00% |
Fixed maturity securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Change in Gross Unrealized Temporary Loss | $ 1,600 |
Gross Unrealized Temporary Loss | 3,000 |
Equity securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Change in Gross Unrealized Temporary Loss | 75 |
Gross Unrealized Temporary Loss | 131 |
20% or more | Six months or greater | Fixed maturity securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Gross Unrealized Temporary Loss | $ 190 |
Number of Securities | Contracts | 38 |
20% or more | Six months or greater | Fixed maturity securities | Investment Grade | |
Schedule of Available-for-sale Securities [Line Items] | |
Gross Unrealized Temporary Loss | $ 149 |
Number of Securities | Contracts | 21 |
Percentage of gross unrealized loss | 78.00% |
20% or more | Six months or greater | Fixed maturity securities | Below Investment Grade | |
Schedule of Available-for-sale Securities [Line Items] | |
Gross Unrealized Temporary Loss | $ 41 |
Number of Securities | Contracts | 17 |
Percentage of gross unrealized loss | 22.00% |
20% or more | Twelve months or greater | Equity securities | |
Schedule of Available-for-sale Securities [Line Items] | |
Number of Securities | Contracts | 6 |
Gross Unrealized Temporary Loss | $ 26 |
20% or more | Twelve months or greater | Non-redeemable preferred stock | Aaa/Aa/A | Financial Services Industry | |
Schedule of Available-for-sale Securities [Line Items] | |
Percentage of gross unrealized loss | 62.00% |
Investments (Mortgage Loans - N
Investments (Mortgage Loans - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | |||||
Financing Receivable, Significant Purchases | $ 821 | $ 2,100 | $ 3,000 | $ 3,500 | |
Percentage of Mortgage Loans Classified as Performing | 99.00% | 99.00% | 99.00% | ||
Commercial | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Impaired Financing Receivable, Average Recorded Investment | $ 118 | 249 | $ 136 | 333 | |
Agricultural | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Impaired Financing Receivable, Average Recorded Investment | 58 | 65 | 59 | 81 | |
Estimated fair value of mortgage loans held-for-investment | 11,700 | 11,700 | $ 11,400 | ||
Residential | |||||
Financing Receivable, Recorded Investment [Line Items] | |||||
Impaired Financing Receivable, Average Recorded Investment | 96 | $ 17 | 72 | $ 12 | |
Estimated fair value of mortgage loans held-for-investment | $ 8,100 | $ 8,100 | $ 5,600 |
Investments (Cash Equivalents -
Investments (Cash Equivalents - Narrative) (Details) - USD ($) $ in Billions | Sep. 30, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Cash equivalents | $ 2.4 | $ 1 |
Investments (Concentrations of
Investments (Concentrations of Credit Risk - Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||
Concentration Risk, Percentage | 10.00% | |
Government and agency fixed maturity securities | $ 0 | $ 0 |
Investments (Securities Lendi67
Investments (Securities Lending - Narrative) (Details) | Sep. 30, 2015 |
Estimated fair value | |
Securities Financing Transaction [Line Items] | |
Percentage of Estimated Fair Value of Securities Loaned Based on Collateral Obtained | 102.00% |
Investments (Securities Lendi68
Investments (Securities Lending Remaining Tenor - Narrative) (Details) - Estimated fair value $ in Billions | Sep. 30, 2015USD ($) |
Subtotal | |
Securities Financing Transaction [Line Items] | |
Percentage of Reinvestment Portfolio in Fixed Maturity Securities | 64.00% |
U.S. Treasury and agency | |
Securities Financing Transaction [Line Items] | |
Cash collateral on deposit from counterparties | $ 6.2 |
Percentage Of US Treasury And Agency Securities At Estimated Fair Value Of Securities On Loan Relating To Cash Collateral On Open | 99.00% |
Investments (Consolidated Var69
Investments (Consolidated Variable Interest Entities - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | |||||
Tax credits guaranteed by third parties that reduce maximum exposure to loss related to other invested assets | $ 188 | $ 188 | $ 212 | ||
Variable Interest Entity, Financial or Other Support, Amount | 0 | $ 0 | |||
Consolidated Securitization Entities | |||||
Variable Interest Entity [Line Items] | |||||
Interest expense on long-term debt held by consolidated securitization entities | 1 | 1 | |||
Fixed Maturity Securities | |||||
Variable Interest Entity [Line Items] | |||||
Interest expense on long-term debt held by consolidated securitization entities | 1 | $ 1 | |||
Maximum | Consolidated Securitization Entities | |||||
Variable Interest Entity [Line Items] | |||||
Interest expense on long-term debt held by consolidated securitization entities | 1 | $ 1 | |||
Variable interest, maximum exposure to loss in consolidated securitization entities | 1 | $ 1 | $ 1 | ||
Maximum | Fixed Maturity Securities | |||||
Variable Interest Entity [Line Items] | |||||
Interest expense on long-term debt held by consolidated securitization entities | $ 1 | $ 1 |
Investments (Net Investment I70
Investments (Net Investment Income - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Trading and FVO securities — Actively Traded and FVO general account securities (1) | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Changes in estimated fair value included in net investment income | $ (39) | $ (19) | $ (47) | $ (2) |
Investments (Net Investment Gai
Investments (Net Investment Gains Losses - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gains (losses) from foreign currency transactions | $ 76 | $ 125 | $ 93 | $ 37 |
Investments (Related Party In72
Investments (Related Party Investment Transactions - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||
Related party net investment income | $ 1 | $ 1 | $ 3 | $ 3 | |
Related party investment administrative services | 40 | 45 | 119 | 128 | |
Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Assets Transferred From Affiliates, Estimated Fair Value | 74 | 437 | 175 | 882 | |
Debt Instrument, Face Amount | 400 | 400 | |||
Metlife | Other | |||||
Related Party Transaction [Line Items] | |||||
Related party net investment income | 24 | $ 24 | 72 | $ 69 | |
Carrying value of related party loans | 2,000 | 2,000 | $ 2,000 | ||
Surplus Notes, Affiliated | American Life Insurance Company Alico And Delaware American Life Insurance Delam | Other | |||||
Related Party Transaction [Line Items] | |||||
Related party net investment income | 1 | 3 | |||
Carrying value of related party loans | $ 100 | $ 100 | $ 100 |
Derivatives (Primary Risks) (De
Derivatives (Primary Risks) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 188,862 | $ 206,302 |
Estimated Fair Value Assets | 8,492 | 7,104 |
Estimated Fair Value Liabilities | 3,678 | 2,732 |
Derivatives Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 27,892 | 25,497 |
Estimated Fair Value Assets | 3,833 | 3,062 |
Estimated Fair Value Liabilities | 1,549 | 733 |
Derivatives Designated as Hedging Instruments | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 8,576 | 8,341 |
Estimated Fair Value Assets | 2,342 | 2,096 |
Estimated Fair Value Liabilities | 246 | 119 |
Derivatives Designated as Hedging Instruments | Fair Value Hedges [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 5,481 | 5,632 |
Estimated Fair Value Assets | 2,255 | 2,031 |
Estimated Fair Value Liabilities | 16 | 18 |
Derivatives Designated as Hedging Instruments | Fair Value Hedges [Member] | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 3,095 | 2,709 |
Estimated Fair Value Assets | 87 | 65 |
Estimated Fair Value Liabilities | 230 | 101 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 19,316 | 17,156 |
Estimated Fair Value Assets | 1,491 | 966 |
Estimated Fair Value Liabilities | 1,303 | 614 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedges [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 2,195 | 2,191 |
Estimated Fair Value Assets | 471 | 447 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedges [Member] | Interest rate forwards | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 70 | 70 |
Estimated Fair Value Assets | 17 | 18 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivatives Designated as Hedging Instruments | Cash Flow Hedges [Member] | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 17,051 | 14,895 |
Estimated Fair Value Assets | 1,003 | 501 |
Estimated Fair Value Liabilities | 1,303 | 614 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 160,970 | 180,805 |
Estimated Fair Value Assets | 4,659 | 4,042 |
Estimated Fair Value Liabilities | 2,129 | 1,999 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 52,829 | 56,394 |
Estimated Fair Value Assets | 2,653 | 2,213 |
Estimated Fair Value Liabilities | 1,408 | 1,072 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Interest rate floors | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 17,201 | 36,141 |
Estimated Fair Value Assets | 309 | 319 |
Estimated Fair Value Liabilities | 32 | 108 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Interest rate caps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 43,006 | 41,227 |
Estimated Fair Value Assets | 46 | 134 |
Estimated Fair Value Liabilities | 2 | 1 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Interest rate futures | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 130 | 70 |
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Interest rate options | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 6,910 | 6,399 |
Estimated Fair Value Assets | 549 | 379 |
Estimated Fair Value Liabilities | 4 | 15 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Synthetic GICs | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 4,223 | 4,298 |
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 8,140 | 8,774 |
Estimated Fair Value Assets | 488 | 359 |
Estimated Fair Value Liabilities | 130 | 176 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 3,758 | 3,985 |
Estimated Fair Value Assets | 56 | 92 |
Estimated Fair Value Liabilities | 32 | 80 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Currency futures | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,547 | 0 |
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 1 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Credit default swaps — purchased | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,091 | 857 |
Estimated Fair Value Assets | 27 | 8 |
Estimated Fair Value Liabilities | 7 | 11 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Credit default swaps — written | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 6,694 | 7,419 |
Estimated Fair Value Assets | 32 | 130 |
Estimated Fair Value Liabilities | 8 | 5 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Equity futures | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,274 | 954 |
Estimated Fair Value Assets | 0 | 10 |
Estimated Fair Value Liabilities | 19 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Equity index options | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 7,444 | 7,698 |
Estimated Fair Value Assets | 375 | 328 |
Estimated Fair Value Liabilities | 326 | 352 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Equity variance swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 5,764 | 5,678 |
Estimated Fair Value Assets | 62 | 60 |
Estimated Fair Value Liabilities | 158 | 146 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | TRRs | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 959 | 911 |
Estimated Fair Value Assets | 62 | 10 |
Estimated Fair Value Liabilities | $ 2 | $ 33 |
Derivatives (Net Derivative Gai
Derivatives (Net Derivative Gains Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Components of Net Derivatives Gains (Losses) | ||||
Derivatives and hedging gains (losses) | $ 850 | $ 296 | $ 716 | $ 634 |
Embedded derivatives gains (losses) | (292) | 258 | 111 | (17) |
Total net derivative gains (losses) | $ 558 | $ 554 | $ 827 | $ 617 |
Derivatives (Earned Income On D
Derivatives (Earned Income On Derivatives) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total earned income | $ 186 | $ 189 | $ 575 | $ 556 |
Derivatives Designated as Hedging Instruments | Net investment income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total earned income | 57 | 45 | 164 | 113 |
Derivatives Designated as Hedging Instruments | Interest credited to policyholder account balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total earned income | 5 | 24 | 22 | 89 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Net investment income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total earned income | (1) | (1) | (3) | (3) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Net derivative gains (losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total earned income | 124 | 121 | 390 | 357 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Policyholder benefits and claims | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total earned income | $ 1 | $ 0 | $ 2 | $ 0 |
Derivatives (Gains Losses Recog
Derivatives (Gains Losses Recognized in Income Not Designated or Qualifying) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | $ 233 | $ (77) | $ (61) | $ 220 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Net derivative gains (losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 855 | 347 | 563 | 292 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Net derivative gains (losses) | Interest rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 493 | (37) | 74 | 14 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Net derivative gains (losses) | Foreign currency exchange rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 258 | 406 | 488 | 297 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Net derivative gains (losses) | Credit derivatives — purchased | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 15 | 4 | 19 | (5) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Net derivative gains (losses) | Credit derivatives — written | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | (53) | (26) | (76) | (14) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Net derivative gains (losses) | Equity derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 142 | 0 | 58 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Net Investment Gains (Losses) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 1 | 0 | (4) | (6) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Net Investment Gains (Losses) [Member] | Interest rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 0 | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Net Investment Gains (Losses) [Member] | Foreign currency exchange rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 0 | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Net Investment Gains (Losses) [Member] | Credit derivatives — purchased | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 3 | 1 | 3 | 1 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Net Investment Gains (Losses) [Member] | Credit derivatives — written | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | (1) | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Net Investment Gains (Losses) [Member] | Equity derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | (1) | (1) | (7) | (7) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Policyholder Benefit And Claim [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 80 | 0 | 49 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Policyholder Benefit And Claim [Member] | Interest rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 0 | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Policyholder Benefit And Claim [Member] | Foreign currency exchange rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 0 | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Policyholder Benefit And Claim [Member] | Credit derivatives — purchased | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 0 | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Policyholder Benefit And Claim [Member] | Credit derivatives — written | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 0 | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments | Policyholder Benefit And Claim [Member] | Equity derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | $ 80 | $ 0 | $ 49 | $ 0 |
Derivatives (Fair Value Hedges)
Derivatives (Fair Value Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | $ 233 | $ (77) | $ (61) | $ 220 |
Net Derivative Gains (Losses) Recognized for Hedged Items | (235) | 71 | 56 | (210) |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | (2) | (6) | (5) | 10 |
Interest rate swaps | Fixed maturity securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | (2) | 7 | (2) | 6 |
Net Derivative Gains (Losses) Recognized for Hedged Items | 1 | (7) | 4 | (4) |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | (1) | 0 | 2 | 2 |
Interest rate swaps | Policyholder account balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 277 | 39 | 115 | 370 |
Net Derivative Gains (Losses) Recognized for Hedged Items | (279) | (40) | (121) | (360) |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | (2) | (1) | (6) | 10 |
Foreign currency swaps | Foreign-denominated fixed maturity securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 5 | 12 | 12 | 5 |
Net Derivative Gains (Losses) Recognized for Hedged Items | (3) | (11) | (6) | (4) |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | 2 | 1 | 6 | 1 |
Foreign currency swaps | Foreign-denominated policyholder account balances [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | (47) | (135) | (186) | (161) |
Net Derivative Gains (Losses) Recognized for Hedged Items | 46 | 129 | 179 | 158 |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | $ (1) | $ (6) | $ (7) | $ (3) |
Derivatives (Cash Flow Hedges)
Derivatives (Cash Flow Hedges) (Details) - Cash Flow Hedges [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivatives in cash flow hedging relationships | ||||
Amount of Gains (Losses) Deferred in AOCI on Derivatives | $ 92 | $ 90 | $ (63) | $ 448 |
Interest rate swaps | ||||
Derivatives in cash flow hedging relationships | ||||
Amount of Gains (Losses) Deferred in AOCI on Derivatives | 179 | 80 | 96 | 368 |
Foreign currency swaps | ||||
Derivatives in cash flow hedging relationships | ||||
Amount of Gains (Losses) Deferred in AOCI on Derivatives | (91) | 7 | (158) | 55 |
Interest rate forwards | ||||
Derivatives in cash flow hedging relationships | ||||
Amount of Gains (Losses) Deferred in AOCI on Derivatives | 4 | 3 | (1) | 25 |
Credit forwards | ||||
Derivatives in cash flow hedging relationships | ||||
Amount of Gains (Losses) Deferred in AOCI on Derivatives | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss) | (221) | (436) | (482) | (331) |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 5 | 7 | 7 | 6 |
Net derivative gains (losses) | Interest rate swaps | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss) | 39 | 1 | 51 | 28 |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 1 | 5 | 2 | 5 |
Net derivative gains (losses) | Foreign currency swaps | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss) | (260) | (427) | (537) | (350) |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 4 | 2 | 5 | 1 |
Net derivative gains (losses) | Interest rate forwards | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss) | 0 | (10) | 3 | (9) |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | Credit forwards | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss) | 0 | 0 | 1 | 0 |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 0 | 0 |
Net Investment Gains (Losses) [Member] | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss) | 4 | 3 | 10 | 7 |
Net Investment Gains (Losses) [Member] | Interest rate swaps | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss) | 2 | 2 | 8 | 6 |
Net Investment Gains (Losses) [Member] | Foreign currency swaps | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss) | 0 | 0 | (1) | (1) |
Net Investment Gains (Losses) [Member] | Interest rate forwards | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss) | 1 | 1 | 2 | 2 |
Net Investment Gains (Losses) [Member] | Credit forwards | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss) | $ 1 | $ 0 | $ 1 | $ 0 |
Derivatives (Credit Derivatives
Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 24 | $ 125 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 6,694 | $ 7,419 |
Weighted Average Years to Maturity | 4 years 2 months | 3 years 9 months |
Aaa/Aa/A | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 5 | $ 15 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 1,636 | $ 1,981 |
Weighted Average Years to Maturity | 3 years | 2 years 7 months |
Aaa/Aa/A | Single name credit default swaps (corporate) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 2 | $ 5 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 280 | $ 415 |
Weighted Average Years to Maturity | 2 years 1 month | 2 years 2 months |
Aaa/Aa/A | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 3 | $ 10 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 1,356 | $ 1,566 |
Weighted Average Years to Maturity | 3 years 1 month | 2 years 8 months |
Baa | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 19 | $ 74 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 4,309 | $ 4,689 |
Weighted Average Years to Maturity | 4 years 7 months | 4 years 1 month |
Baa | Single name credit default swaps (corporate) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 7 | $ 15 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 797 | $ 1,002 |
Weighted Average Years to Maturity | 2 years 8 months | 2 years 9 months |
Baa | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 12 | $ 59 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 3,512 | $ 3,687 |
Weighted Average Years to Maturity | 5 years | 4 years 6 months |
Ba | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 0 | $ (1) |
Maximum Amount of Future Payments under Credit Default Swaps | $ 160 | $ 160 |
Weighted Average Years to Maturity | 1 year 7 months | 2 years 5 months |
Ba | Single name credit default swaps (corporate) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 1 | $ 0 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 60 | $ 60 |
Weighted Average Years to Maturity | 2 years 2 months | 3 years |
Ba | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ (1) | $ (1) |
Maximum Amount of Future Payments under Credit Default Swaps | $ 100 | $ 100 |
Weighted Average Years to Maturity | 1 year 2 months | 2 years |
B [Member] | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 0 | $ 37 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 589 | $ 589 |
Weighted Average Years to Maturity | 5 years 1 month | 4 years 11 months |
B [Member] | Single name credit default swaps (corporate) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 0 | $ 0 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 0 | $ 0 |
Weighted Average Years to Maturity | 0 years | 0 years |
B [Member] | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 0 | $ 37 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 589 | $ 589 |
Weighted Average Years to Maturity | 5 years 1 month | 4 years 11 months |
Derivatives (Estimated Fair Val
Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | $ 8,610 | $ 7,247 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 3,699 | 2,774 |
Amounts offset in the consolidated balance sheet, Assets | 0 | 0 |
Amounts offset in the consolidated balance sheet, Liabilities | 0 | 0 |
Estimated fair value of derivative assets presented in the consolidated balance sheets | 8,610 | 7,247 |
Estimated fair value of derivative liabilities presented in the consolidated balance sheets | 3,699 | 2,774 |
Net amount of derivative assets after application of master netting agreements and cash collateral | 195 | 139 |
Net amount of derivative liabilities after application of master netting agreements and cash collateral | 10 | 16 |
Over the Counter [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 7,770 | 6,497 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 2,797 | 2,092 |
Gross estimated fair value of derivative assets | (2,266) | (1,742) |
Gross estimated fair value of derivative liabilities | (2,266) | (1,742) |
Cash collateral on derivative assets | (4,130) | (2,470) |
Cash collateral on derivative liabilities | (3) | (2) |
Securities collateral on derivative assets | (1,179) | (2,161) |
Securities collateral on derivative liabilities | (525) | (333) |
Exchange Traded [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 0 | 10 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 20 | 0 |
Gross estimated fair value of derivative assets | 0 | 0 |
Gross estimated fair value of derivative liabilities | 0 | 0 |
Cash collateral on derivative assets | 0 | 0 |
Cash collateral on derivative liabilities | (14) | 0 |
Securities collateral on derivative assets | 0 | 0 |
Securities collateral on derivative liabilities | (5) | 0 |
Cleared [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 840 | 740 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 882 | 682 |
Gross estimated fair value of derivative assets | (828) | (638) |
Gross estimated fair value of derivative liabilities | (828) | (638) |
Cash collateral on derivative assets | (12) | (97) |
Cash collateral on derivative liabilities | (48) | (40) |
Securities collateral on derivative assets | 0 | 0 |
Securities collateral on derivative liabilities | $ 0 | $ (3) |
Derivatives (Credit Risk on Fre
Derivatives (Credit Risk on Freestanding Derivatives) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Derivatives in Net Liability Position | $ 530 | $ 338 |
Estimated Fair Value Of Incremental Collateral Provided Upon A One Notch Downgrade In The Company's Credit Rating | 0 | 0 |
Estimated Fair Value Of Incremental Collateral Provided Upon A Downgrade In The Company's Credit Rating to a Level that Triggers Full Overnight Collateralization or Termination of the Derivative Position | 0 | 0 |
Fixed Maturity Securities | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided | 610 | 390 |
Cash | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided | 4 | 2 |
Derivatives subject to financial strength-contingent provisions | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Derivatives in Net Liability Position | 526 | 334 |
Estimated Fair Value Of Incremental Collateral Provided Upon A One Notch Downgrade In The Company's Credit Rating | 0 | 0 |
Estimated Fair Value Of Incremental Collateral Provided Upon A Downgrade In The Company's Credit Rating to a Level that Triggers Full Overnight Collateralization or Termination of the Derivative Position | 0 | 0 |
Derivatives subject to financial strength-contingent provisions | Fixed Maturity Securities | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided | 610 | 390 |
Derivatives subject to financial strength-contingent provisions | Cash | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided | 0 | 0 |
Derivatives not subject to financial strength-contingent provisions | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Derivatives in Net Liability Position | 4 | 4 |
Estimated Fair Value Of Incremental Collateral Provided Upon A One Notch Downgrade In The Company's Credit Rating | 0 | 0 |
Estimated Fair Value Of Incremental Collateral Provided Upon A Downgrade In The Company's Credit Rating to a Level that Triggers Full Overnight Collateralization or Termination of the Derivative Position | 0 | 0 |
Derivatives not subject to financial strength-contingent provisions | Fixed Maturity Securities | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided | 0 | 0 |
Derivatives not subject to financial strength-contingent provisions | Cash | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided | $ 4 | $ 2 |
Derivatives (Embedded Derivativ
Derivatives (Embedded Derivatives) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset | $ 555 | $ 507 |
Embedded Derivative, Fair Value of Embedded Derivative Liability | 856 | 731 |
Ceded guaranteed minimum benefits | Premiums, reinsurance and other receivables | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset | 760 | 657 |
Direct guaranteed minimum benefits | Policyholder account balances | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded Derivative, Fair Value of Embedded Derivative Liability | (147) | (548) |
Assumed guaranteed minimum benefits | Other policy-related balances [Member] | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded Derivative, Fair Value of Embedded Derivative Liability | 146 | 72 |
Funds withheld on ceded reinsurance | Other liabilities | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded Derivative, Fair Value of Embedded Derivative Liability | 858 | 1,200 |
Other | Policyholder account balances | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded Derivative, Fair Value of Embedded Derivative Liability | (1) | 7 |
Options embedded in debt or equity securities [Member] | Investments | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded Derivative, Fair Value of Embedded Derivative Asset | $ (205) | $ (150) |
Derivatives (Changes in Estimat
Derivatives (Changes in Estimated Fair Value Related to Embedded Derivatives) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivatives gains (losses) | $ (292) | $ 258 | $ 111 | $ (17) |
Net derivatives gains (losses) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivatives gains (losses) | $ (292) | $ 258 | $ 111 | $ (17) |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||||
Estimated Fair Value Assets | $ 8,492 | $ 8,492 | $ 7,104 | ||
Estimated Fair Value Liabilities | 3,678 | 3,678 | 2,732 | ||
Maximum Amount of Future Payments under Credit Default Swaps | 6,694 | 6,694 | 7,419 | ||
Estimated Fair Value of Credit Default Swaps | 24 | 24 | $ 125 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Embedded derivatives gains (losses) | (292) | $ 258 | 111 | $ (17) | |
Derivative Instrument Detail [Abstract] | |||||
Net amounts reclassified into net derivatives gains (losses) on discontinued cash flow hedges | 0 | (11) | $ 4 | (15) | |
Hedging exposure to variability in future cash flows for specific length of time | 6 years | 6 years | |||
Accumulated Other Comprehensive Income Loss | 2,100 | $ 2,100 | $ 1,600 | ||
Deferred net gains (losses) expected to be reclassified to earnings | (63) | ||||
Potential future recoveries available to offset maximum amount of future payments under credit default swaps | 330 | 330 | 60 | ||
Excess cash collateral received on derivatives | 3 | 3 | 0 | ||
Excess cash collateral provided on derivatives | 26 | 26 | 31 | ||
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged | 0 | 0 | |||
Over the Counter [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Cash collateral on derivative assets | (4,130) | (4,130) | (2,470) | ||
Excess securities collateral received on derivatives | 46 | 46 | 243 | ||
Excess securities collateral provided on derivatives | 85 | 85 | 57 | ||
Exchange Traded [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Cash collateral on derivative assets | 0 | 0 | 0 | ||
Excess securities collateral received on derivatives | 194 | 194 | 155 | ||
Excess securities collateral provided on derivatives | 10 | 10 | 17 | ||
Hedge Funds [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Maximum Amount of Future Payments under Credit Default Swaps | 20 | 20 | 15 | ||
Estimated Fair Value of Credit Default Swaps | (1) | (1) | 1 | ||
Nonperformance Risk [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Embedded derivatives gains (losses) | 37 | 5 | 33 | 0 | |
Ceded Guaranteed Minimum Benefit [Member] | Nonperformance Risk [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Embedded derivatives gains (losses) | (11) | $ (21) | (8) | $ (22) | |
Accrued Liabilities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Estimated Fair Value Assets | 118 | 118 | 143 | ||
Estimated Fair Value Liabilities | 21 | 21 | 42 | ||
Off-Balance Sheet [Member] | Over the Counter [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Cash collateral on derivative assets | $ 0 | $ 0 | $ (138) |
Fair Value (Recurring Fair Valu
Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | $ 177,441 | $ 188,911 |
Available-for-sale Securities, Equity Securities | 2,005 | 2,065 |
Actively Traded securities | 696 | 654 |
Fair Value Option And Trading Securities | 725 | 705 |
Short-term investments | 8,135 | 4,474 |
Mortgage Loans on Real Estate | 51,238 | 49,059 |
Derivative assets | 8,492 | 7,104 |
Net embedded derivatives within asset host contracts | 555 | 507 |
Separate account assets | 136,354 | 139,335 |
Liabilities [Abstract] | ||
Derivative liabilities | 3,678 | 2,732 |
Net embedded derivatives within liability host contracts | 856 | 731 |
Long-term debt, at estimated fair value, relating to variable interest entities | 1,881 | 2,027 |
Residential mortgage loans — FVO | ||
Assets [Abstract] | ||
Mortgage Loans on Real Estate | 315 | 308 |
Long-term Debt | ||
Liabilities [Abstract] | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 104 | 117 |
Consolidated Securitization Entities | ||
Liabilities [Abstract] | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 11 | 13 |
Recurring | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 177,441 | 188,911 |
Available-for-sale Securities, Equity Securities | 2,005 | 2,065 |
Actively Traded securities | 696 | 654 |
Fair Value Option And Trading Securities | 725 | 705 |
Short-term investments | 7,935 | 4,181 |
Derivative assets | 8,492 | 7,104 |
Net embedded derivatives within asset host contracts | 760 | 657 |
Separate account assets | 136,354 | 139,335 |
Total assets | 334,027 | 343,266 |
Liabilities [Abstract] | ||
Derivative liabilities | 3,678 | 2,732 |
Net embedded derivatives within liability host contracts | 856 | 731 |
Trading liabilities | 200 | 239 |
Total liabilities | 4,849 | 3,832 |
Recurring | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 6,300 | 5,541 |
Liabilities [Abstract] | ||
Derivative liabilities | 1,462 | 1,214 |
Recurring | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 1,634 | 1,017 |
Liabilities [Abstract] | ||
Derivative liabilities | 1,696 | 971 |
Recurring | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 59 | 138 |
Liabilities [Abstract] | ||
Derivative liabilities | 15 | 16 |
Recurring | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 499 | 408 |
Liabilities [Abstract] | ||
Derivative liabilities | 505 | 531 |
Recurring | FVO general account securities | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 15 | 36 |
Recurring | Residential mortgage loans — FVO | ||
Assets [Abstract] | ||
Mortgage Loans on Real Estate | 315 | 308 |
Recurring | Long-term Debt | ||
Liabilities [Abstract] | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 104 | 117 |
Recurring | Consolidated Securitization Entities | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 14 | 15 |
Liabilities [Abstract] | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 11 | 13 |
Recurring | U.S. corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 62,076 | 65,357 |
Recurring | U.S. Treasury and agency | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 39,305 | 39,070 |
Recurring | Foreign corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 27,517 | 29,818 |
Recurring | RMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 25,301 | 28,163 |
Recurring | CMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 6,351 | 8,226 |
Recurring | ABS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 6,641 | 7,913 |
Recurring | State and political subdivision | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 6,881 | 6,520 |
Recurring | Foreign government | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 3,369 | 3,844 |
Recurring | Common stock | ||
Assets [Abstract] | ||
Available-for-sale Securities, Equity Securities | 1,277 | 1,352 |
Recurring | Non-redeemable preferred stock | ||
Assets [Abstract] | ||
Available-for-sale Securities, Equity Securities | 728 | 713 |
Recurring | Level 1 | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 21,255 | 21,625 |
Available-for-sale Securities, Equity Securities | 481 | 584 |
Actively Traded securities | 0 | 22 |
Fair Value Option And Trading Securities | 0 | 22 |
Short-term investments | 1,837 | 860 |
Derivative assets | 0 | 10 |
Net embedded derivatives within asset host contracts | 0 | 0 |
Separate account assets | 23,054 | 26,119 |
Total assets | 46,627 | 49,220 |
Liabilities [Abstract] | ||
Derivative liabilities | 20 | 0 |
Net embedded derivatives within liability host contracts | 0 | 0 |
Trading liabilities | 164 | 215 |
Total liabilities | 184 | 215 |
Recurring | Level 1 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 0 | 0 |
Liabilities [Abstract] | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 0 | 0 |
Liabilities [Abstract] | ||
Derivative liabilities | 1 | 0 |
Recurring | Level 1 | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 0 | 0 |
Liabilities [Abstract] | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 0 | 10 |
Liabilities [Abstract] | ||
Derivative liabilities | 19 | 0 |
Recurring | Level 1 | FVO general account securities | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 0 | 0 |
Recurring | Level 1 | Residential mortgage loans — FVO | ||
Assets [Abstract] | ||
Mortgage Loans on Real Estate | 0 | 0 |
Recurring | Level 1 | Long-term Debt | ||
Liabilities [Abstract] | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 0 | 0 |
Recurring | Level 1 | Consolidated Securitization Entities | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 0 | 0 |
Liabilities [Abstract] | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 0 | 0 |
Recurring | Level 1 | U.S. corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring | Level 1 | U.S. Treasury and agency | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 21,255 | 21,625 |
Recurring | Level 1 | Foreign corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring | Level 1 | RMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring | Level 1 | CMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring | Level 1 | ABS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring | Level 1 | State and political subdivision | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring | Level 1 | Foreign government | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring | Level 1 | Common stock | ||
Assets [Abstract] | ||
Available-for-sale Securities, Equity Securities | 481 | 584 |
Recurring | Level 1 | Non-redeemable preferred stock | ||
Assets [Abstract] | ||
Available-for-sale Securities, Equity Securities | 0 | 0 |
Recurring | Level 2 | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 142,459 | 152,986 |
Available-for-sale Securities, Equity Securities | 1,191 | 1,266 |
Actively Traded securities | 656 | 627 |
Fair Value Option And Trading Securities | 660 | 652 |
Short-term investments | 5,530 | 3,091 |
Derivative assets | 8,329 | 6,938 |
Net embedded derivatives within asset host contracts | 0 | 0 |
Separate account assets | 111,782 | 111,601 |
Total assets | 269,951 | 276,534 |
Liabilities [Abstract] | ||
Derivative liabilities | 3,492 | 2,582 |
Net embedded derivatives within liability host contracts | 2 | 7 |
Trading liabilities | 34 | 24 |
Total liabilities | 3,593 | 2,695 |
Recurring | Level 2 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 6,283 | 5,524 |
Liabilities [Abstract] | ||
Derivative liabilities | 1,461 | 1,214 |
Recurring | Level 2 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 1,621 | 1,010 |
Liabilities [Abstract] | ||
Derivative liabilities | 1,693 | 971 |
Recurring | Level 2 | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 53 | 125 |
Liabilities [Abstract] | ||
Derivative liabilities | 13 | 15 |
Recurring | Level 2 | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 372 | 279 |
Liabilities [Abstract] | ||
Derivative liabilities | 325 | 382 |
Recurring | Level 2 | FVO general account securities | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 0 | 22 |
Recurring | Level 2 | Residential mortgage loans — FVO | ||
Assets [Abstract] | ||
Mortgage Loans on Real Estate | 0 | 0 |
Recurring | Level 2 | Long-term Debt | ||
Liabilities [Abstract] | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 65 | 82 |
Recurring | Level 2 | Consolidated Securitization Entities | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 4 | 3 |
Liabilities [Abstract] | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 0 | 0 |
Recurring | Level 2 | U.S. corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 57,217 | 60,420 |
Recurring | Level 2 | U.S. Treasury and agency | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 18,033 | 17,445 |
Recurring | Level 2 | Foreign corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 24,071 | 26,227 |
Recurring | Level 2 | RMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 21,521 | 24,534 |
Recurring | Level 2 | CMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 6,062 | 6,734 |
Recurring | Level 2 | ABS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 5,486 | 7,464 |
Recurring | Level 2 | State and political subdivision | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 6,847 | 6,520 |
Recurring | Level 2 | Foreign government | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 3,222 | 3,642 |
Recurring | Level 2 | Common stock | ||
Assets [Abstract] | ||
Available-for-sale Securities, Equity Securities | 705 | 716 |
Recurring | Level 2 | Non-redeemable preferred stock | ||
Assets [Abstract] | ||
Available-for-sale Securities, Equity Securities | 486 | 550 |
Recurring | Level 3 | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 13,727 | 14,300 |
Available-for-sale Securities, Equity Securities | 333 | 215 |
Actively Traded securities | 40 | 5 |
Fair Value Option And Trading Securities | 65 | 31 |
Short-term investments | 568 | 230 |
Derivative assets | 163 | 156 |
Net embedded derivatives within asset host contracts | 760 | 657 |
Separate account assets | 1,518 | 1,615 |
Total assets | 17,449 | 17,512 |
Liabilities [Abstract] | ||
Derivative liabilities | 166 | 150 |
Net embedded derivatives within liability host contracts | 854 | 724 |
Trading liabilities | 2 | 0 |
Total liabilities | 1,072 | 922 |
Recurring | Level 3 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 17 | 17 |
Liabilities [Abstract] | ||
Derivative liabilities | 1 | 0 |
Recurring | Level 3 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 13 | 7 |
Liabilities [Abstract] | ||
Derivative liabilities | 2 | 0 |
Recurring | Level 3 | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 6 | 13 |
Liabilities [Abstract] | ||
Derivative liabilities | 2 | 1 |
Recurring | Level 3 | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 127 | 119 |
Liabilities [Abstract] | ||
Derivative liabilities | 161 | 149 |
Recurring | Level 3 | FVO general account securities | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 15 | 14 |
Recurring | Level 3 | Residential mortgage loans — FVO | ||
Assets [Abstract] | ||
Mortgage Loans on Real Estate | 315 | 308 |
Recurring | Level 3 | Long-term Debt | ||
Liabilities [Abstract] | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 39 | 35 |
Recurring | Level 3 | Consolidated Securitization Entities | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 10 | 12 |
Liabilities [Abstract] | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 11 | 13 |
Recurring | Level 3 | U.S. corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 4,859 | 4,937 |
Recurring | Level 3 | U.S. Treasury and agency | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 17 | 0 |
Recurring | Level 3 | Foreign corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 3,446 | 3,591 |
Recurring | Level 3 | RMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 3,780 | 3,629 |
Recurring | Level 3 | CMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 289 | 1,492 |
Recurring | Level 3 | ABS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 1,155 | 449 |
Recurring | Level 3 | State and political subdivision | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 34 | 0 |
Recurring | Level 3 | Foreign government | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 147 | 202 |
Recurring | Level 3 | Common stock | ||
Assets [Abstract] | ||
Available-for-sale Securities, Equity Securities | 91 | 52 |
Recurring | Level 3 | Non-redeemable preferred stock | ||
Assets [Abstract] | ||
Available-for-sale Securities, Equity Securities | $ 242 | $ 163 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information) (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Interest rate contracts | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Swap yield | 2.93% | 2.90% |
Interest rate contracts | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Swap yield | 5.83% | 2.90% |
Foreign currency exchange rate contracts | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Correlation | 0.00% | 40.00% |
Foreign currency exchange rate contracts | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Correlation | 0.00% | 55.00% |
Credit contracts | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Credit spreads | 0.99% | 0.98% |
Credit contracts | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Credit spreads | 1.00% | 1.00% |
Equity market contracts | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Correlation | 70.00% | 70.00% |
Volatility | 23.00% | 15.00% |
Equity market contracts | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Correlation | 70.00% | 70.00% |
Volatility | 33.00% | 27.00% |
Embedded derivatives direct and ceded guaranteed minimum benefits | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Utilization rates | 0.00% | 20.00% |
Withdrawal rates | 0.25% | 0.07% |
Long-term equity volatilities | 17.40% | 17.40% |
Nonperformance risk spread | 0.05% | 0.03% |
Embedded derivatives direct and ceded guaranteed minimum benefits | Minimum | Income Approach Valuation Technique | Durations 1 - 10 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Lapse Rate | 0.25% | 0.50% |
Embedded derivatives direct and ceded guaranteed minimum benefits | Minimum | Income Approach Valuation Technique | Durations 11 - 20 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Lapse Rate | 3.00% | 3.00% |
Embedded derivatives direct and ceded guaranteed minimum benefits | Minimum | Income Approach Valuation Technique | Durations 21 - 116 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Lapse Rate | 3.00% | 3.00% |
Embedded derivatives direct and ceded guaranteed minimum benefits | Minimum | Income Approach Valuation Technique | Ages 0 - 40 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate | 0.00% | 0.00% |
Embedded derivatives direct and ceded guaranteed minimum benefits | Minimum | Income Approach Valuation Technique | Ages 41 - 60 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate | 0.04% | 0.04% |
Embedded derivatives direct and ceded guaranteed minimum benefits | Minimum | Income Approach Valuation Technique | Ages 61 - 115 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate | 0.26% | 0.26% |
Embedded derivatives direct and ceded guaranteed minimum benefits | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Utilization rates | 25.00% | 50.00% |
Withdrawal rates | 10.00% | 10.00% |
Long-term equity volatilities | 25.00% | 25.00% |
Nonperformance risk spread | 0.56% | 0.46% |
Embedded derivatives direct and ceded guaranteed minimum benefits | Maximum | Income Approach Valuation Technique | Durations 1 - 10 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Lapse Rate | 100.00% | 100.00% |
Embedded derivatives direct and ceded guaranteed minimum benefits | Maximum | Income Approach Valuation Technique | Durations 11 - 20 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Lapse Rate | 100.00% | 100.00% |
Embedded derivatives direct and ceded guaranteed minimum benefits | Maximum | Income Approach Valuation Technique | Durations 21 - 116 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Lapse Rate | 100.00% | 100.00% |
Embedded derivatives direct and ceded guaranteed minimum benefits | Maximum | Income Approach Valuation Technique | Ages 0 - 40 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate | 0.09% | 0.10% |
Embedded derivatives direct and ceded guaranteed minimum benefits | Maximum | Income Approach Valuation Technique | Ages 41 - 60 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate | 0.65% | 0.65% |
Embedded derivatives direct and ceded guaranteed minimum benefits | Maximum | Income Approach Valuation Technique | Ages 61 - 115 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate | 100.00% | 100.00% |
U.S. corporate and foreign corporate securities | Minimum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Delta spread adjustments | (0.40%) | (0.40%) |
Offered quotes | $ 100 | $ 98 |
Quoted prices | 1 | 0 |
Matrix Pricing - Offered quotes | $ 38 | $ 64 |
U.S. corporate and foreign corporate securities | Maximum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Delta spread adjustments | 2.40% | 2.40% |
Offered quotes | $ 119 | $ 126 |
Quoted prices | 415 | 590 |
Matrix Pricing - Offered quotes | $ 100 | $ 130 |
U.S. corporate and foreign corporate securities | Weighted Average | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Delta spread adjustments | 0.38% | 0.39% |
Offered quotes | $ 102 | $ 101 |
Quoted prices | 121 | 126 |
Matrix Pricing - Offered quotes | 98 | 96 |
RMBS | Minimum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 22 | 22 |
RMBS | Maximum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 120 | 120 |
RMBS | Weighted Average | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 93 | 97 |
ABS | Minimum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Offered quotes | 97 | 56 |
Quoted prices | 15 | 15 |
ABS | Maximum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Offered quotes | 106 | 106 |
Quoted prices | 102 | 110 |
ABS | Weighted Average | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Offered quotes | 100 | 98 |
Quoted prices | $ 100 | $ 100 |
Fair Value (Unobservable Input
Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Consolidated Securitization Entities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 10 | $ 11 | $ 12 | $ 0 |
OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | (1) | (2) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 1 | 0 | 14 |
Transfers out of Level 3 | 0 | 0 | (1) | 0 |
Balance, end of period | 10 | 12 | 10 | 12 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | (12) | (15) | (13) | (28) |
OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 1 | 1 | 2 | 14 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | (11) | (15) | (11) | (15) |
Consolidated Securitization Entities | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Consolidated Securitization Entities | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | (1) | 0 | (1) |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | (1) | 0 | (1) |
Consolidated Securitization Entities | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Interest rate contracts | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance, beginning of period | 12 | 13 | 17 | (1) |
OCI | 5 | 13 | 0 | 31 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | (1) | (1) | (1) | (1) |
Settlements | 0 | 4 | 0 | (10) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | 16 | 20 | 16 | 20 |
Interest rate contracts | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Interest rate contracts | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Interest rate contracts | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Income (Loss) | 0 | (9) | 0 | 1 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Foreign currency exchange rate contracts | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance, beginning of period | 8 | 15 | 7 | 14 |
OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (1) | (1) | (1) | (1) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | 11 | 12 | 11 | 12 |
Foreign currency exchange rate contracts | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Foreign currency exchange rate contracts | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Foreign currency exchange rate contracts | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 4 | (3) | 5 | (2) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Income (Loss) | 4 | (2) | 5 | (1) |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 4 | (3) | 5 | (2) |
Credit contracts | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance, beginning of period | 8 | 15 | 12 | 23 |
OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | (1) | 0 | (4) |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | 4 | 8 | 4 | 8 |
Credit contracts | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Credit contracts | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Credit contracts | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | (4) | (5) | (5) | (9) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Income (Loss) | (4) | (6) | (8) | (11) |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | (4) | (5) | (5) | (9) |
Equity market contracts | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance, beginning of period | (23) | 0 | (30) | 0 |
OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | (34) | 0 | (34) | 0 |
Equity market contracts | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Equity market contracts | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Equity market contracts | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | (11) | 0 | (4) | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Income (Loss) | (11) | 0 | (4) | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | (11) | 0 | (4) | 0 |
Net Embedded Derivatives | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance, beginning of period | 253 | (168) | (67) | 48 |
OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (52) | 11 | (144) | 44 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | (94) | 105 | (94) | 105 |
Net Embedded Derivatives | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Net Embedded Derivatives | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Net Embedded Derivatives | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | (291) | 267 | 128 | 24 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Net Income (Loss) | (295) | 262 | 117 | 13 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | (291) | 267 | 128 | 24 |
FVO general account securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 15 | 14 | 14 | 14 |
OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | 15 | 14 | 15 | 14 |
FVO general account securities | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 1 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 1 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 1 | 0 |
FVO general account securities | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
FVO general account securities | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Residential mortgage loans — FVO | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 345 | 367 | 308 | 338 |
OCI | 0 | 0 | 0 | 0 |
Purchases | 18 | 3 | 114 | 49 |
Sales | (37) | (63) | (100) | (78) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (9) | (13) | (25) | (26) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | 315 | 298 | 315 | 298 |
Residential mortgage loans — FVO | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | (2) | 4 | 18 | 15 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | (2) | 4 | 18 | 15 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | (2) | 4 | 18 | 15 |
Residential mortgage loans — FVO | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Residential mortgage loans — FVO | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Long-term Debt | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | (25) | (23) | (35) | (43) |
OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | (38) | 0 | (38) | 0 |
Settlements | 24 | 3 | 34 | 5 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 18 |
Balance, end of period | (39) | (20) | (39) | (20) |
Long-term Debt | Net investment income | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Long-term Debt | Net investment gains (losses) | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Long-term Debt | Net derivative gains (losses) | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Trading Liabilities | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | (4) | 0 | 0 | 0 |
OCI | 0 | 0 | 0 | 0 |
Purchases | (2) | 0 | (2) | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 4 | 0 | 0 | 0 |
Balance, end of period | (2) | 0 | (2) | 0 |
Trading Liabilities | Net investment income | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Trading Liabilities | Net investment gains (losses) | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Trading Liabilities | Net derivative gains (losses) | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
U.S. corporate | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 5,039 | 5,253 | 4,937 | 5,269 |
OCI | (34) | (1) | (211) | 211 |
Purchases | 517 | 482 | 864 | 858 |
Sales | (268) | (158) | (554) | (638) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 367 | 7 | 478 | 94 |
Transfers out of Level 3 | (772) | (265) | (684) | (473) |
Balance, end of period | 4,859 | 5,317 | 4,859 | 5,317 |
U.S. corporate | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 1 | 1 | 3 | 1 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 1 | 0 | 3 | (1) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 1 | 0 | 3 | (1) |
U.S. corporate | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 9 | (2) | 26 | (5) |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | (6) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | (6) |
U.S. corporate | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
U.S. Treasury and agency | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 30 | 320 | 0 | 62 |
OCI | 0 | 0 | (1) | 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | (1) | 0 | (1) | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 18 | 0 | 19 | 0 |
Transfers out of Level 3 | (30) | (320) | 0 | (62) |
Balance, end of period | 17 | 0 | 17 | 0 |
U.S. Treasury and agency | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
U.S. Treasury and agency | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
U.S. Treasury and agency | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Foreign corporate | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 3,508 | 3,336 | 3,591 | 3,198 |
OCI | (130) | (111) | (244) | 56 |
Purchases | 82 | 274 | 226 | 431 |
Sales | (26) | (74) | (144) | (160) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 118 | 69 | 114 | 72 |
Transfers out of Level 3 | (106) | (285) | (99) | (391) |
Balance, end of period | 3,446 | 3,204 | 3,446 | 3,204 |
Foreign corporate | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 3 | 2 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 1 | 0 | 1 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 1 | 0 | 1 |
Foreign corporate | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | (5) | (1) | (4) |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Foreign corporate | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
RMBS | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 3,072 | 3,347 | 3,629 | 2,513 |
OCI | (32) | 22 | (27) | 78 |
Purchases | 872 | 610 | 1,206 | 1,033 |
Sales | (211) | (311) | (674) | (387) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 273 | 0 | 263 | 132 |
Transfers out of Level 3 | (217) | (341) | (691) | (69) |
Balance, end of period | 3,780 | 3,336 | 3,780 | 3,336 |
RMBS | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 26 | 9 | 74 | 30 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 26 | 9 | 74 | 31 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 26 | 9 | 74 | 31 |
RMBS | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | (3) | 0 | 0 | 6 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | (1) | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | (1) | 0 |
RMBS | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
CMBS | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 326 | 314 | 449 | 430 |
OCI | (1) | 1 | (7) | 4 |
Purchases | 3 | 38 | 3 | 49 |
Sales | (36) | (43) | (133) | (59) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 22 | 15 | 25 |
Transfers out of Level 3 | (3) | (13) | (38) | (130) |
Balance, end of period | 289 | 319 | 289 | 319 |
CMBS | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | (1) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | (1) |
CMBS | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
CMBS | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
State and political subdivision | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 48 | 2 | 0 | 0 |
OCI | 1 | 0 | 1 | 0 |
Purchases | 15 | 0 | 33 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 2 |
Transfers out of Level 3 | (30) | 0 | 0 | 0 |
Balance, end of period | 34 | 2 | 34 | 2 |
State and political subdivision | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
State and political subdivision | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
State and political subdivision | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
ABS | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 961 | 2,302 | 1,492 | 2,526 |
OCI | (1) | 1 | (13) | 50 |
Purchases | 392 | 729 | 543 | 1,665 |
Sales | (23) | (156) | (218) | (479) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 69 | 12 | 36 |
Transfers out of Level 3 | (174) | (710) | (660) | (1,526) |
Balance, end of period | 1,155 | 2,236 | 1,155 | 2,236 |
ABS | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 1 | 2 | 5 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 1 | 1 | 1 | 1 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 1 | 1 | 1 | 1 |
ABS | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | (3) | (41) |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
ABS | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Foreign government | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 165 | 154 | 202 | 274 |
OCI | (1) | 3 | 9 | 2 |
Purchases | 0 | 5 | 0 | 5 |
Sales | 0 | (1) | 0 | (9) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 39 | 0 | 0 |
Transfers out of Level 3 | (18) | (2) | (65) | (74) |
Balance, end of period | 147 | 198 | 147 | 198 |
Foreign government | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 1 | 0 | 1 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 1 | 0 | 1 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 1 | 0 | 1 | 0 |
Foreign government | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Foreign government | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Common stock | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 94 | 97 | 52 | 50 |
OCI | (11) | (35) | (11) | 2 |
Purchases | 12 | 2 | 55 | 18 |
Sales | (12) | (9) | (14) | (19) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 1 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | 91 | 55 | 91 | 55 |
Common stock | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Common stock | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 8 | 0 | 8 | 4 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | (2) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | (2) |
Common stock | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Non-redeemable preferred stock | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 251 | 166 | 163 | 278 |
OCI | (5) | (1) | (9) | 4 |
Purchases | 0 | 0 | 3 | 0 |
Sales | 0 | 0 | (1) | (38) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 87 | 0 |
Transfers out of Level 3 | (2) | 0 | 0 | (82) |
Balance, end of period | 242 | 165 | 242 | 165 |
Non-redeemable preferred stock | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Non-redeemable preferred stock | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | (2) | 0 | (1) | 3 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | (3) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | (3) |
Non-redeemable preferred stock | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Actively Traded Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 13 | 20 | 5 | 12 |
OCI | 0 | 0 | 0 | 0 |
Purchases | 32 | 3 | 35 | 8 |
Sales | 0 | (15) | 0 | (7) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | (5) | 0 | 0 | (5) |
Balance, end of period | 40 | 8 | 40 | 8 |
Actively Traded Securities | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Actively Traded Securities | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Actively Traded Securities | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Short-term Investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 933 | 222 | 230 | 175 |
OCI | 0 | 0 | 0 | 0 |
Purchases | 557 | 98 | 569 | 98 |
Sales | (1) | (125) | (1) | (134) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | (921) | (75) | (230) | (18) |
Balance, end of period | 568 | 120 | 568 | 120 |
Short-term Investments | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 1 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Short-term Investments | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | (2) |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Short-term Investments | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Separate account assets | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 1,563 | 1,441 | 1,615 | 1,209 |
OCI | 0 | 0 | 0 | 0 |
Purchases | 81 | 98 | 196 | 439 |
Sales | (34) | (127) | (144) | (268) |
Issuances | 0 | 1 | 0 | 83 |
Settlements | 0 | 0 | (2) | (28) |
Transfers into Level 3 | 1 | 215 | 3 | 144 |
Transfers out of Level 3 | (118) | (38) | (155) | (47) |
Balance, end of period | 1,518 | 1,623 | 1,518 | 1,623 |
Separate account assets | Net investment income | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Separate account assets | Net investment gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 25 | 33 | 5 | 91 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Separate account assets | Net derivative gains (losses) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Net Income (Loss) | 0 | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value (Fair Value Option f
Fair Value (Fair Value Option for Residential Mortgage Loans) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Carrying value at estimated fair value | $ 51,238 | $ 49,059 |
Residential mortgage loans — FVO | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | 445 | 436 |
Difference between estimated fair value and unpaid principal balance | (130) | (128) |
Carrying value at estimated fair value | 315 | 308 |
Loans in non-accrual status | $ 125 | $ 125 |
Fair Value (Fair Value Option89
Fair Value (Fair Value Option for Long-term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Carrying value at estimated fair value | $ 1,881 | $ 2,027 |
Long-term Debt | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contractual principal balance | 105 | 115 |
Difference between estimated fair value and contractual principal balance | (1) | 2 |
Carrying value at estimated fair value | 104 | 117 |
Consolidated Securitization Entities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contractual principal balance | 25 | 26 |
Difference between estimated fair value and contractual principal balance | (14) | (13) |
Carrying value at estimated fair value | $ 11 | $ 13 |
Fair Value (Nonrecurring Fair V
Fair Value (Nonrecurring Fair Value Measurements) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Level 3 | Mortgage loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value After Measurement | $ 41 | $ 103 | $ 41 | $ 103 |
Level 3 | Other limited partnership interests | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value After Measurement | 53 | 83 | 53 | 83 |
Nonrecurring | Mortgage loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (Losses) | 0 | 3 | (1) | 2 |
Nonrecurring | Other limited partnership interests | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (Losses) | $ (8) | $ (13) | $ (26) | $ (46) |
Fair Value (Financial Instrumen
Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Policy loans | $ 8,523 | $ 8,491 |
Liabilities | ||
Separate account liabilities | 136,354 | 139,335 |
Estimated Fair Value | ||
Assets | ||
Mortgage loans | 52,836 | 50,992 |
Policy loans | 10,495 | 10,410 |
Real estate joint ventures | 43 | 54 |
Other limited partnership interests | 664 | 819 |
Other invested assets | 2,428 | 2,490 |
Premiums, reinsurance and other receivables | 16,211 | 14,701 |
Other assets | 128 | 0 |
Liabilities | ||
Policyholder account balances | 73,130 | 75,481 |
Long-term debt | 2,075 | 2,297 |
Other liabilities | 22,909 | 20,742 |
Separate account liabilities | 60,272 | 60,840 |
Estimated Fair Value | Level 1 | ||
Assets | ||
Mortgage loans | 0 | 0 |
Policy loans | 0 | 0 |
Real estate joint ventures | 0 | 0 |
Other limited partnership interests | 0 | 0 |
Other invested assets | 0 | 0 |
Premiums, reinsurance and other receivables | 0 | 0 |
Other assets | 0 | 0 |
Liabilities | ||
Policyholder account balances | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Separate account liabilities | 0 | 0 |
Estimated Fair Value | Level 2 | ||
Assets | ||
Mortgage loans | 0 | 0 |
Policy loans | 738 | 796 |
Real estate joint ventures | 0 | 0 |
Other limited partnership interests | 0 | 0 |
Other invested assets | 2,224 | 2,270 |
Premiums, reinsurance and other receivables | 1,582 | 94 |
Other assets | 128 | 0 |
Liabilities | ||
Policyholder account balances | 0 | 0 |
Long-term debt | 1,965 | 2,029 |
Other liabilities | 2,759 | 609 |
Separate account liabilities | 60,272 | 60,840 |
Estimated Fair Value | Level 3 | ||
Assets | ||
Mortgage loans | 52,836 | 50,992 |
Policy loans | 9,757 | 9,614 |
Real estate joint ventures | 43 | 54 |
Other limited partnership interests | 664 | 819 |
Other invested assets | 204 | 220 |
Premiums, reinsurance and other receivables | 14,629 | 14,607 |
Other assets | 0 | 0 |
Liabilities | ||
Policyholder account balances | 73,130 | 75,481 |
Long-term debt | 110 | 268 |
Other liabilities | 20,150 | 20,133 |
Separate account liabilities | 0 | 0 |
Carrying Value | ||
Assets | ||
Mortgage loans | 50,923 | 48,751 |
Policy loans | 8,523 | 8,491 |
Real estate joint ventures | 14 | 30 |
Other limited partnership interests | 524 | 635 |
Other invested assets | 2,373 | 2,385 |
Premiums, reinsurance and other receivables | 15,213 | 13,845 |
Other assets | 128 | 0 |
Liabilities | ||
Policyholder account balances | 70,576 | 73,225 |
Long-term debt | 1,766 | 1,897 |
Other liabilities | 22,160 | 20,139 |
Separate account liabilities | $ 60,272 | $ 60,840 |
Fair Value (Recurring Fair Va92
Fair Value (Recurring Fair Value Measurements) (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Net Embedded Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ (205) | $ (150) |
Fair Value (Nonrecurring Fair93
Fair Value (Nonrecurring Fair Value Measurements) (Narrative) (Details) - Private Equity And Debt Funds | 9 Months Ended |
Sep. 30, 2015 | |
Minimum | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Liquidation period | 2 years |
Maximum | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Liquidation period | 10 years |
Equity (Components of Accumulat
Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | $ 3,148 | $ 5,468 | $ 5,034 | $ 2,158 |
OCI before reclassifications | 646 | (1,069) | (2,703) | 4,060 |
Deferred income tax benefit (expense) | (224) | 371 | 950 | (1,426) |
AOCI before reclassifications, net of income tax | 3,570 | 4,770 | 3,281 | 4,792 |
Amounts reclassified from AOCI | 380 | 467 | 824 | 433 |
Deferred income tax benefit (expense) | (134) | (161) | (289) | (149) |
Amounts reclassified from AOCI, net of income tax | 246 | 306 | 535 | 284 |
Balance, end of period | 3,816 | 5,076 | 3,816 | 5,076 |
Unrealized Investment Gains (Losses), Net of Related Offsets | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | 4,238 | 6,596 | 6,200 | 3,468 |
OCI before reclassifications | 547 | (1,182) | (2,551) | 3,627 |
Deferred income tax benefit (expense) | (187) | 412 | 900 | (1,261) |
AOCI before reclassifications, net of income tax | 4,598 | 5,826 | 4,549 | 5,834 |
Amounts reclassified from AOCI | 108 | (10) | 183 | (23) |
Deferred income tax benefit (expense) | (39) | 3 | (65) | 8 |
Amounts reclassified from AOCI, net of income tax | 69 | (7) | 118 | (15) |
Balance, end of period | 4,667 | 5,819 | 4,667 | 5,819 |
Unrealized Gains (Losses) on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | 1,138 | 397 | 1,073 | 236 |
OCI before reclassifications | 92 | 90 | (63) | 448 |
Deferred income tax benefit (expense) | (32) | (31) | 22 | (157) |
AOCI before reclassifications, net of income tax | 1,198 | 456 | 1,032 | 527 |
Amounts reclassified from AOCI | 217 | 433 | 472 | 324 |
Deferred income tax benefit (expense) | (76) | (151) | (165) | (113) |
Amounts reclassified from AOCI, net of income tax | 141 | 282 | 307 | 211 |
Balance, end of period | 1,339 | 738 | 1,339 | 738 |
Foreign Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | (66) | 37 | (3) | 31 |
OCI before reclassifications | 7 | (6) | (89) | 7 |
Deferred income tax benefit (expense) | (5) | 0 | 28 | (7) |
AOCI before reclassifications, net of income tax | (64) | 31 | (64) | 31 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Deferred income tax benefit (expense) | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI, net of income tax | 0 | 0 | 0 | 0 |
Balance, end of period | (64) | 31 | (64) | 31 |
Defined Benefit Plans Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | (2,162) | (1,562) | (2,236) | (1,577) |
OCI before reclassifications | 0 | 29 | 0 | (22) |
Deferred income tax benefit (expense) | 0 | (10) | 0 | (1) |
AOCI before reclassifications, net of income tax | (2,162) | (1,543) | (2,236) | (1,600) |
Amounts reclassified from AOCI | 55 | 44 | 169 | 132 |
Deferred income tax benefit (expense) | (19) | (13) | (59) | (44) |
Amounts reclassified from AOCI, net of income tax | 36 | 31 | 110 | 88 |
Balance, end of period | $ (2,126) | $ (1,512) | $ (2,126) | $ (1,512) |
Equity (Reclassifications Out o
Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net investment gains (losses) | $ 132 | $ 163 | $ 264 | $ 74 |
Net derivative gains (losses) | 558 | 554 | 827 | 617 |
Net investment income | 2,797 | 2,990 | 8,822 | 8,931 |
Income (loss) from continuing operations before provision for income tax | 1,135 | 1,840 | 3,715 | 4,030 |
Provision for income tax expense (benefit) | (867) | (537) | (1,589) | (1,150) |
Net income (loss) | 268 | 1,303 | 2,126 | 2,877 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income (loss) | (246) | (306) | (535) | (284) |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Investment Gains (Losses), Net of Related Offsets | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net investment gains (losses) | (66) | (6) | 8 | (99) |
Net derivative gains (losses) | (39) | 6 | (228) | 56 |
Net investment income | (3) | 10 | 37 | 66 |
Income (loss) from continuing operations before provision for income tax | (108) | 10 | (183) | 23 |
Provision for income tax expense (benefit) | 39 | (3) | 65 | (8) |
Net income (loss) | (69) | 7 | (118) | 15 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (loss) from continuing operations before provision for income tax | (217) | (433) | (472) | (324) |
Provision for income tax expense (benefit) | 76 | 151 | 165 | 113 |
Net income (loss) | (141) | (282) | (307) | (211) |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Interest rate swaps | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net derivative gains (losses) | 39 | 1 | 51 | 28 |
Net investment income | 2 | 2 | 8 | 6 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Interest rate forwards | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net derivative gains (losses) | 0 | (10) | 3 | (9) |
Net investment income | 1 | 1 | 2 | 2 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Foreign currency swaps | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net derivative gains (losses) | (260) | (427) | (537) | (350) |
Net investment income | 0 | 0 | (1) | (1) |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Credit forwards | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net derivative gains (losses) | 0 | 0 | 1 | 0 |
Net investment income | 1 | 0 | 1 | 0 |
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Plans Adjustment | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of net actuarial gains (losses) | (56) | (45) | (172) | (132) |
Amortization of prior service (costs) credit | 1 | 1 | 3 | 0 |
Income (loss) from continuing operations before provision for income tax | (55) | (44) | (169) | (132) |
Provision for income tax expense (benefit) | 19 | 13 | 59 | 44 |
Net income (loss) | $ (36) | $ (31) | $ (110) | $ (88) |
Other Expenses (Other Expenses)
Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other Income and Expenses [Abstract] | ||||
Compensation | $ 472 | $ 596 | $ 1,562 | $ 1,644 |
Pension, postretirement and postemployment benefit costs | 62 | 91 | 178 | 247 |
Commissions | 176 | 192 | 498 | 583 |
Volume-related costs | 47 | 60 | 151 | 25 |
Affiliated interest costs on ceded and assumed reinsurance | 201 | 235 | 616 | 717 |
Capitalization of DAC | (117) | (106) | (346) | (313) |
Amortization of DAC and VOBA | 303 | 88 | 595 | 482 |
Interest expense on debt | 31 | 38 | 96 | 114 |
Premium taxes, licenses and fees | 82 | 85 | 269 | 248 |
Professional services | 283 | 254 | 811 | 729 |
Rent and related expenses, net of sublease income | 21 | 36 | 61 | 106 |
Other (1) | 300 | (105) | 298 | (310) |
Total other expenses | $ 1,861 | $ 1,464 | $ 4,789 | $ 4,272 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Pension Benefits U.S. Plans | ||||
Components of net periodic benefit costs | ||||
Service costs | $ 54 | $ 46 | $ 162 | $ 137 |
Interest costs | 101 | 102 | 303 | 308 |
Settlement and curtailment costs | 0 | 14 | 0 | 14 |
Expected return on plan assets | (134) | (111) | (403) | (333) |
Amortization of net actuarial (gains) losses | 46 | 42 | 141 | 124 |
Amortization of prior service costs (credit) | (1) | 0 | (1) | 1 |
Allocated to affiliates | (52) | (84) | (158) | (223) |
Net periodic benefit costs (credit) | 52 | 84 | 158 | 223 |
Other Postretirement Benefits U.S. Plans | ||||
Components of net periodic benefit costs | ||||
Service costs | 3 | 3 | 11 | 9 |
Interest costs | 22 | 21 | 66 | 64 |
Settlement and curtailment costs | 0 | 0 | 0 | 0 |
Expected return on plan assets | (19) | (19) | (59) | (56) |
Amortization of net actuarial (gains) losses | 10 | 3 | 31 | 8 |
Amortization of prior service costs (credit) | 0 | (1) | (2) | (1) |
Allocated to affiliates | (12) | (7) | (35) | (22) |
Net periodic benefit costs (credit) | 12 | 7 | 35 | 22 |
Affiliated Entity | Pension Benefits U.S. Plans | ||||
Components of net periodic benefit costs | ||||
Allocated to affiliates | 14 | 9 | 44 | 28 |
Net periodic benefit costs (credit) | (14) | (9) | (44) | (28) |
Affiliated Entity | Other Postretirement Benefits U.S. Plans | ||||
Components of net periodic benefit costs | ||||
Allocated to affiliates | 4 | 0 | 12 | 2 |
Net periodic benefit costs (credit) | $ (4) | $ 0 | $ (12) | $ (2) |
Income Tax (Narrative) (Details
Income Tax (Narrative) (Details) - USD ($) $ in Millions | Sep. 18, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ 792 | ||||
Income Tax Expense (Benefit) | 867 | $ 537 | $ 1,589 | $ 1,150 | |
Other expenses | 1,861 | $ 1,464 | $ 4,789 | $ 4,272 | |
Income Tax Assessment, Income Taxes and Interest Paid | $ 444 | ||||
Possible Change in Tax Assessment [Member] | |||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Income Tax Expense (Benefit) | 557 | ||||
Other expenses | 362 | ||||
Net amount of other expense charge | $ 235 |
Contingencies, Commitments an99
Contingencies, Commitments and Guarantees (Contingencies - Narrative) (Details) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015USD ($)Claims | Sep. 30, 2014Claims | Dec. 31, 2014Claims | |
Minimum | |||
Loss Contingencies | |||
The approximate amount of the aggregate range of reasonably possible losses in excess of amounts accrued for matters as to which an estimate can be made | $ 0 | ||
Maximum | |||
Loss Contingencies | |||
The approximate amount of the aggregate range of reasonably possible losses in excess of amounts accrued for matters as to which an estimate can be made | $ 415,000,000 | ||
Superfund Site Settlement Agreements | |||
Loss Contingencies | |||
Number of regulatory matters and other claims | Claims | 2 | ||
Maximum estimate of aggregate costs to resolve matter | $ 1,000,000 | ||
Maximum estimate of costs for environmental testing | 100,000 | ||
Superfund Site Settlement Agreements | Minimum | |||
Loss Contingencies | |||
Damages Sought | 1,000,000 | ||
C-Mart, Inc. V. Metropolitan Life Insurance Company, Et Al | Maximum | |||
Loss Contingencies | |||
Loss Contingency, Estimate of Possible Loss | $ 23,000,000 | ||
Asbestos Related Claims | |||
Loss Contingencies | |||
Asbestos-Related Claims | Claims | 2,971 | 3,641 | 4,636 |
Contingencies, Commitments a100
Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Billions | Sep. 30, 2015 | Dec. 31, 2014 |
Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 4.1 | $ 3.6 |
Mortgage Loan Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 5.1 | $ 3.9 |
Related Party Transactions (Eff
Related Party Transactions (Effects of Affiliated Reinsurance on Statements of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Premiums: | ||||
Net premiums | $ 6,260 | $ 5,087 | $ 16,463 | $ 15,415 |
Universal life and investment-type product policy fees: | ||||
Net universal life and investment-type product policy fees | 642 | 623 | 1,925 | 1,806 |
Other revenues: | ||||
Net other revenues | 383 | 440 | 1,166 | 1,303 |
Policyholder benefits and claims: | ||||
Net policyholder benefits and claims | 6,897 | 5,697 | 18,395 | 17,315 |
Interest Credited To Policyholder Account Balances [Abstract] | ||||
Net interest credited to policyholder account balances | 547 | 536 | 1,628 | 1,610 |
Other expenses: | ||||
Net other expenses | 1,861 | 1,464 | 4,789 | 4,272 |
Affiliated Entity | ||||
Universal life and investment-type product policy fees: | ||||
Net universal life and investment-type product policy fees | 34 | 35 | 103 | 96 |
Other revenues: | ||||
Net other revenues | 38 | 48 | 114 | 127 |
Affiliated Entity | Assumed Reinsurance [Member] | ||||
Premiums: | ||||
Reinsurance assumed | 164 | 146 | 508 | 515 |
Universal life and investment-type product policy fees: | ||||
Reinsurance assumed | 20 | 13 | 46 | 33 |
Other revenues: | ||||
Reinsurance assumed | 0 | (3) | 0 | 0 |
Policyholder benefits and claims: | ||||
Reinsurance assumed | 164 | 122 | 484 | 477 |
Interest Credited To Policyholder Account Balances [Abstract] | ||||
Reinsurance assumed | 9 | 8 | 24 | 25 |
Other expenses: | ||||
Reinsurance assumed | 53 | 51 | 169 | 218 |
Affiliated Entity | Ceded Reinsurance [Member] | ||||
Premiums: | ||||
Reinsurance ceded | (9) | (7) | (28) | (29) |
Universal life and investment-type product policy fees: | ||||
Reinsurance ceded | (43) | (94) | (117) | (231) |
Other revenues: | ||||
Reinsurance ceded | 155 | 169 | 467 | 491 |
Policyholder benefits and claims: | ||||
Reinsurance ceded | (38) | (49) | (89) | (124) |
Interest Credited To Policyholder Account Balances [Abstract] | ||||
Reinsurance ceded | (23) | (27) | (67) | (79) |
Other expenses: | ||||
Reinsurance ceded | 149 | 152 | 444 | 459 |
Affiliated Entity | Reinsurance [Member] | ||||
Premiums: | ||||
Net premiums | 155 | 139 | 480 | 486 |
Universal life and investment-type product policy fees: | ||||
Net universal life and investment-type product policy fees | (23) | (81) | (71) | (198) |
Other revenues: | ||||
Net other revenues | 155 | 166 | 467 | 491 |
Policyholder benefits and claims: | ||||
Net policyholder benefits and claims | 126 | 73 | 395 | 353 |
Interest Credited To Policyholder Account Balances [Abstract] | ||||
Net interest credited to policyholder account balances | (14) | (19) | (43) | (54) |
Other expenses: | ||||
Net other expenses | $ 202 | $ 203 | $ 613 | $ 677 |
Related Party Transactions (102
Related Party Transactions (Effects of Affiliated Reinsurance on Balance Sheets) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Premiums, reinsurance and other receivables | $ 25,496 | $ 23,439 |
Deferred policy acquisition costs and value of business acquired | 5,969 | 5,975 |
Liabilities: | ||
Liability for Future Policy Benefits | 118,099 | 117,402 |
Policyholder account balances | 93,813 | 95,902 |
Other policy-related balances | 7,513 | 5,840 |
Other Liabilities | 35,730 | 33,447 |
Assumed Reinsurance [Member] | Affiliated Entity | ||
Assets | ||
Premiums, reinsurance and other receivables | 248 | 257 |
Deferred policy acquisition costs and value of business acquired | 425 | 370 |
Total assets | 673 | 627 |
Liabilities: | ||
Liability for Future Policy Benefits | 1,347 | 1,146 |
Policyholder account balances | 353 | 288 |
Other policy-related balances | 197 | 264 |
Other Liabilities | 6,529 | 6,610 |
Total liabilities | 8,426 | 8,308 |
Ceded Reinsurance [Member] | Affiliated Entity | ||
Assets | ||
Premiums, reinsurance and other receivables | 15,513 | 15,453 |
Deferred policy acquisition costs and value of business acquired | (200) | (231) |
Total assets | 15,313 | 15,222 |
Liabilities: | ||
Liability for Future Policy Benefits | (6) | 0 |
Policyholder account balances | 0 | 0 |
Other policy-related balances | 44 | 32 |
Other Liabilities | 13,185 | 13,545 |
Total liabilities | $ 13,223 | $ 13,577 |
Related Party Transactions (Ser
Related Party Transactions (Service Agreements - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | |||||
Net receivables (payables) due from (to) affiliates | $ (171) | $ (171) | $ (169) | ||
Related Party Transaction [Line Items] | |||||
Other expenses | 1,861 | $ 1,464 | 4,789 | $ 4,272 | |
Universal life and investment-type product policy fees | 642 | 623 | 1,925 | 1,806 | |
Other revenues | 383 | 440 | 1,166 | 1,303 | |
Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Universal life and investment-type product policy fees | 34 | 35 | 103 | 96 | |
Other revenues | 38 | 48 | 114 | 127 | |
Affiliated Entity | Services Necessary To Conduct The Company's Activities | |||||
Related Party Transaction [Line Items] | |||||
Other expenses | 534 | 546 | 1,600 | 1,700 | |
Affiliated Entity | Services Necessary To Conduct The Affiliates' Activities | |||||
Related Party Transaction [Line Items] | |||||
Other expenses | $ 444 | $ 276 | $ 1,200 | $ 1,300 |
Related Party Transactions (Rei
Related Party Transactions (Reinsurance Transactions - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Reinsurance Disclosures [Abstract] | |||||
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ 856 | $ 856 | $ 731 | ||
Net derivatives gains (losses) | (292) | $ 258 | 111 | $ (17) | |
Embedded Derivative, Fair Value of Embedded Derivative Asset | 555 | 555 | 507 | ||
Policyholder Contract Deposits | 93,813 | 93,813 | 95,902 | ||
Other liabilities relating to variable interest entities | $ 35,730 | $ 35,730 | 33,447 | ||
Affiliated Entity | Funds Withheld On Ceded Reinsurance [Member] | |||||
Reinsurance Disclosures [Abstract] | |||||
Coinsurance Funds Withheld Basis, Percent | 75.00% | 75.00% | |||
Embedded Derivative, Fair Value of Embedded Derivative Liability | $ 11 | $ 11 | 20 | ||
Net derivatives gains (losses) | 1 | (36) | |||
Affiliated Entity | Funds Withheld On Ceded Reinsurance [Member] | Maximum | |||||
Reinsurance Disclosures [Abstract] | |||||
Net derivatives gains (losses) | 1 | 10 | |||
Affiliated Entity | Ceded Guaranteed Minimum Benefit [Member] | |||||
Reinsurance Disclosures [Abstract] | |||||
Net derivatives gains (losses) | 155 | 218 | 98 | 360 | |
Embedded Derivative, Fair Value of Embedded Derivative Asset | 760 | 760 | 657 | ||
Affiliated Entity | Closed Block Liabilities Ceded To MetLife Reinsurance Of Charleston [Member] | |||||
Reinsurance Disclosures [Abstract] | |||||
Embedded Derivative, Fair Value of Embedded Derivative Liability | 843 | 843 | 1,100 | ||
Net derivatives gains (losses) | (5) | 60 | 255 | (295) | |
Affiliated Entity | MLIC NY Separate Accts [Member] | |||||
Reinsurance Disclosures [Abstract] | |||||
Policyholder Contract Deposits | 5 | 5 | 4 | ||
Affiliated Entity | MLIC NY Separate Accts [Member] | Maximum | |||||
Reinsurance Disclosures [Abstract] | |||||
Net derivatives gains (losses) | (1) | $ (1) | (1) | $ (3) | |
Affiliated Entity | Variable Annuity FMLI [Member] | |||||
Reinsurance Disclosures [Abstract] | |||||
Net derivatives gains (losses) | (86) | (74) | |||
Policyholder Contract Deposits | $ 141 | $ 141 | 68 | ||
Modco Variable Annuity Percentage | 100.00% | 100.00% | |||
Other liabilities relating to variable interest entities | $ 238 | $ 238 | 269 | ||
Cash, Cash Equivalents, and Short-term Investments | $ 218 |